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Morrison Yard Office – A Post‑Pandemic Trophy Office Case Study

  • Writer: MMCG
    MMCG
  • May 20
  • 17 min read

850 Morrison Dr - Morrison Yard, Charleston, SC
850 Morrison Dr - Morrison Yard, Charleston, SC

Despite a national office sector slowdown post‑COVID, Charleston’s Downtown office market has demonstrated relative resilience. Many U.S. cities are grappling with double-digit vacancies and falling rents, yet Downtown Charleston’s overall office vacancy sits around 5–6% – a healthy level compared to major markets. Within Charleston’s premium office segment, however, new supply has pushed Class A vacancies near 15%. In this context, the Morrison Yard development stands out as a notable success story: a newly delivered, 12-story Class A office tower that bucked broader trends by achieving rapid lease-up at top-of-market rents. This case study examines Morrison Yard’s development and performance, framed for commercial real estate lenders and developers seeking insights into risk-adjusted returns and underwriting in today’s tight capital environment.


Project Overview

Morrison Yard Office is a 148,000 SF Class A office tower located at 850 Morrison Drive on Charleston’s upper peninsula, at the base of the Ravenel Bridge Delivered in Summer 2022, it is the tallest office building in the city and features 12 stories with ~20,000 SF floor plates and ~10,000 SF of ground-floor retail. The design is striking – the upper seven floors of office are elevated ~50 feet above ground on massive angled columns, creating an open-air courtyard and preserving sightlines to the harbor. Sustainable design elements include a rain garden for stormwater filtration and efficient HVAC placement, and the site incorporates a 377-space parking deck, electric vehicle charging stations, and a bike storage “farm” for commuter.





Original Rendering of Morrison Yard’s distinctive design, with office floors lifted above an open plaza to capture waterfront views and create public space.


The project was developed as Phase I of a mixed-use master plan in the emerging “NoMo” (North Morrison) district. Origin Development Partners (Mount Pleasant, SC), Mixson Properties (Atlanta), and The Keith Corporation(Charlotte) formed the joint venture developers. General contracting was led by Balfour Beatty The development also includes an adjacent 379-unit apartment tower (Morrison Yard Residences at 838 Morrison Dr, delivered 2023) with ~27,000 SF of retail, creating a live-work environment on . Key project stakeholders included: the ownership JV (Origin/Mixson/Keith), lender (Pinnacle Financial Partners), and leasing team (JLL). JLL not only handled agency leasing for the office tower but also became one of its first tenants, relocating their Charleston office (4,642 SF) to Morrison Yard upon delivery.


Delivery & Positioning: Construction on the $42 million office tower began in January 2021 and faced the challenge of leasing space during a pandemic recovery period. However, Morrison Yard’s location and amenities positioned it as a “trophy” asset. The site is a gateway to Downtown Charleston, offering 360° views of the city and harbor, and convenient bridge access to Mount Pleasant. On-site perks include a penthouse rooftop event venue (8,000 SF) with outdoor terraces, a landscaped courtyard plaza, and waterfront panoramas. This differentiated, amenity-rich profile helped brand Morrison Yard as Charleston’s “most iconic” new office building, appealing to tenants seeking a modern collaborative workspace in a secondary market.


Capitalization and Cost Structure

Morrison Yard’s development was capitalized through a mix of developer equity and a senior construction loan. The total development cost for the office component was reported at $42 million (roughly $280 per SF). This relatively low basis (benefiting from local construction costs and efficient design) set the stage for value creation, as we will see in the asset’s income metrics.


Financing: The construction loan was provided by Pinnacle Financial Partners (a Nashville-based regional bank) – notably, the same bank would later become a major tenant in the building. Pinnacle’s lending team was comfortable underwriting the project with only a single anchor lease (law firm Parker Poe) in place. This underscores the importance of pre-leasing and sponsor strength for office development loans in the post-COVID era. While exact loan terms are confidential, typical bank construction financing for a project of this profile in 2021–22 would entail roughly 65–75% Loan-to-Cost (LTC), implying a loan amount in the low $30 millions. The debt likely carried a floating interest rate (around 3.5–4.0% at origination, based on 2021 indices) with interest-only payments during construction. The developers would have secured a guaranty or recourse carve-outs, given the speculative nature (minimal pre-lease) at loan closing.


At stabilization in 2023, the loan-to-value dropped substantially (as the property’s value appreciated with lease-up). The Debt Yield on cost is strong: for example, an annual NOI of ~$4 million (see Financial Metrics below) on a ~$30 million loan yields a debt yield ≈13%, well above typical minimums (~8–10%). Debt Service Coverage (DSCR) also became robust once the building reached high occupancy – even accounting for interest rate increases, DSCR would be comfortably above the ~1.25× threshold that lenders often require for permanent financing. It’s likely the construction loan was converted to a mini-perm or refinanced by late 2023; given rising rates, any refi would be conservatively sized (perhaps 60–65% LTV on the stabilized value).


Loan Terms: While specifics are not public, we can infer standard 5-year term (inclusive of construction period) for the bank loan, with an extension option if lease-up took longer. Amortization was likely interest-only during the lease-up, converting to a 25–30 year amortization schedule thereafter. Prepayment terms for bank construction loans are often flexible (e.g. minimal penalty after a lock-out or a 1% fee) to allow the developer to refinance or sell once stabilized. In this case, Pinnacle’s dual role as lender and tenant suggests a relationship-driven financing – the bank had confidence in the project (and region) and was literally investing in its own future premises. The early commitment of Parker Poe (a reputable regional law firm) provided further comfort that the building would achieve income sufficient for loan coverage. Overall, Morrison Yard’s capitalization exemplifies risk-sharing: local developers and a local bank partnering to deliver a landmark asset, with each taking a long-term stake (the bank’s equity interest being its tenancy and community presence).


Operating Performance

Lease-Up and Tenancy: Upon delivery in July 2022, Morrison Yard rapidly attracted a roster of high-quality tenants. By late 2024, the building was 100% leased to a diverse mix of professional, financial, and creative firms. Major occupants include Pinnacle Financial Partners (which took the entire 11th floor ~20,372 SF, plus a ground-floor retail bank branch), JLL (relocated its 4,600 SF local office to the 7th floor), Parker Poe Adams & Bernstein LLP (relocated its Charleston law office, size not disclosed but estimated ~10–15,000 SF), Morgan Stanley (wealth management office), McMillan Pazdan Smith (architecture firm), Walker & Dunlop (commercial mortgage/finance office), and several investment and development firms (Blaze Capital, MS² Capital). The tenancy even includes the developers themselves – Origin Development Partners and Woodfield Development – using space on site. This “ecosystem” of tenants speaks to the building’s appeal within Charleston’s business community: it became the place to be for finance, legal, and real estate firms wanting a premium address.


Rents Achieved: Morrison Yard’s leasing set a new high-water mark for Charleston office rents. Early leases were signed in the mid to high $40s per SF (full-service), significantly above the older downtown office stock that averages in the mid-$30s/SF. For example, around the same period, a comparable new building saw a bank tenant’s 17,470 SF lease at a $50/SF full-service asking rent – indicative of what Morrison Yard’s landlord could command for top floors with harbor views. Another recent Class A lease in the area (Kimley-Horn at The Morris, Q1 2024) started at $43/SF. By contrast, second-generation Class B offices downtown were asking in the mid-$30s (and often settling lower). Morrison Yard’s achieved rents thus align with the top tier of the market, roughly $45–50/SF gross for prime spaces. Net effective rents (after free rent concessions or tenant improvements) are slightly lower, but tenants clearly were willing to pay a premium for the building’s quality and amenities.


Occupancy and Absorption: As of early 2025, Morrison Yard is effectively fully occupied (~94%+), far outperforming the average lease-up of peer new developments. Initially, Parker Poe’s move in early 2023 marked a key absorption milestone (the firm noted the innovative space would “position [them] for future growth” in Charleston). Pinnacle Bank’s occupancy in mid-2022 and JLL’s relocation provided additional momentum. Over the 12 months ending Q2 2025, Morrison Yard absorbed ~20,300 SF of net new leasing, one of the highest tallies in the submarket. For context, Downtown Charleston’s entire Class A segment had slightly negative absorption in aggregate during some recent quarters, and many new buildings struggled to backfill space. The building’s current vacancy of ~6.0% (virtually just frictional or sublease space) contrasts sharply with the 14.8% vacancy average for 4 & 5-Star buildings in Downtown Charleston. In other words, Morrison Yard leased up to stabilization more quickly than its competition, indicating strong relative demand for this product.


Tenant Mix and Synergy: The rent roll is anchored by medium-sized tenants rather than any single large headquarters – a deliberate leasing strategy that diversified credit risk. The largest tenant, Pinnacle, occupies ~14% of the RBA; most others range from 3–10% each. This mix creates a balanced income stream. Notably, many tenants are in finance and professional services, sectors that value in-person collaboration and prestigious office environments to attract talent and clients. Their presence at Morrison Yard signals a “flight to quality” – local firms choosing a modern collaborative space to entice employees back to the office post-pandemic. The building’s design (open floor plans, abundant light, outdoor spaces) aligns with evolving tenant preferences for flexible, amenity-rich offices in the wake of COVID. This helped Morrison Yard maintain strong occupancy even as remote/hybrid work dampened demand in other markets.


Operating Expenses & Parking Income: As a new Class A building, Morrison Yard incurs typical operating expensesin the range of an estimated $10–12/SF (expenses are covered by the full-service gross rents, which include CAM, taxes, utilities, etc.). The expense ratio is roughly 30–35% of gross rent – in line with submarket averages for premium offices. For example, older downtown buildings charging ~$35 gross likely have $10–12 in expenses (yielding net rents in the $20s/SF), whereas Morrison Yard’s $47 gross with similar expenses yields net rents in the mid-$30s. One unique revenue contributor for Morrison Yard is its parking garage. With 377 spaces on-site, the property can generate substantial parking income (either via monthly fees or built into leases). At prevailing downtown monthly parking rates ($150 per space), the structured parking could produce on the order of $600k+ annually (equating to an additional ~$4/SF of income potential). This boosts the effective revenue per square foot beyond just office rents, an important consideration in valuing urban office assets with exclusive parking.


In summary, Morrison Yard’s operating performance has been exceptional: high occupancy, above-market rents, and a stable, diversified tenant roster. The property’s NOI ramped up faster than pro forma, thanks to quick absorption, and ongoing cash flows are bolstered by the integrated parking and efficient building systems (keeping expense growth in check).


Financial Metrics

With the building now stabilized, we can analyze key financial metrics that matter to lenders and investors:

  • Net Operating Income (NOI): Based on achieved rents and occupancy, Morrison Yard’s stabilized NOI is approximately $4.0–4.5 million annually. This assumes ~148k SF leased at an average net rent of ~$30/SF (for instance, $45 gross minus $15 expenses) – a reasonable midpoint given several leases in the high-$40s gross. In actuality, if some smaller suites achieved $50 gross, the NOI could be higher. This NOI equates to roughly a 7–8% yield on the original cost ($42M), illustrating significant value creation.

  • Net Cash Flow (NCF): After debt service, the property still generates healthy cash flow. Assuming the current debt (if refinanced) carries an interest rate around 6% (reflecting 2023–24 rate hikes) on a ~$30M principal, annual debt service (interest-only) would be ~$1.8M. Even with a modest amortization, annual debt service might be ~$2.5M or less, yielding a DSCR (Debt Service Coverage Ratio) on stabilized cash flow of around 1.5–1.8×. This indicates a comfortable cushion – the property could withstand some loss of income or rate increases and still cover debt by 1.25× or better. Notably, during the interest-only construction loan period (with a lower rate ~4%), the DSCR was even higher, reflecting very conservative leverage relative to the income.

  • Expense Ratio: As mentioned, operating expenses consume roughly a third of gross potential income. The expense ratio (Operating Expenses/Effective Gross Income) is in the ~30–35% range. This is typical for a full-service office. Importantly, Morrison Yard’s energy-efficient design (e.g. strategic HVAC placement, LED lighting, etc.) may yield slightly lower utility costs than older buildings, helping keep the expense ratio from creeping higher. The building’s first few years benefit from minimal capital expenditures as well – being brand new, there is no deferred maintenance and major building systems won’t require replacement for a long time. This means more of the NOI converts to Net Cash Flow in the early years, boosting returns.

  • Tenant Improvements (TI) & Leasing Costs: To achieve premium rents, the landlords did provide substantial TI allowances and commissions in initial leases – a common trade-off. Market intel suggests Class A downtown leases have TI packages on the order of $70–$100/SF for new space and leasing commissions around 6–7% of total lease value. If Morrison Yard’s owners spent, say, ~$80/SF in TI for key tenants, that investment is amortized in the form of slightly lower effective rents or free rent periods. These initial leasing costs are part of the project’s basis (and likely part of the $42M development cost). Going forward, capex reserves for future leasing (rollover in 5–10 years) will be needed, but for now the building faces low near-term capex. We can calculate an approximate leasing cost per SF for the initial lease-up: with ~148k SF leased and perhaps $5–7 million spent on TIs/commissions, that’s about $35–50/SF of leasing cost, which is reasonable for a first-generation lease-up of a trophy asset.

  • Per SF Financials vs Market: In aggregate, Morrison Yard’s gross revenue per SF (office + parking) is roughly $50 (with office rent + parking). Net revenue (NOI) per SF is on the order of $30. By comparison, the downtown submarket average asking rent is ~$40.63/SF full-service – which implies net around $28 after typical expenses – and many older buildings have even lower net rents. Thus, Morrison Yard is outperforming the market average in income per SF. On the expense side, operating costs ~$10–12/SF are in line with, or slightly better than, other Class A buildings (some older high-rises can run $12–15/SF in expenses due to inefficiencies). This efficiency contributes to a strong NOI margin for Morrison Yard (about 65–70% NOI margin, whereas older buildings might see 60–65%).


Taken together, these metrics paint a picture of financial strength. The property’s Cap Rate (NOI/Value) can be implied: if we assume a conservative valuation at a 7.0% cap rate, a ~$4.2M NOI would value Morrison Yard around $60 million (about $400/SF). If investors applied a 6.5% cap (recognizing the asset’s quality and lease term stability), the value climbs to $65M ($440/SF). Either scenario is well above the development cost, meaning the developers have created significant equity. It’s worth noting that Charleston’s office cap rates have expanded recently – historically, downtown office traded around 7–8%+ caps, but with higher interest rates, many buyers today underwrite higher yields. Even so, Morrison Yard’s in-place DSCR and double-digit debt yield provide a cushion that many office investments currently lack.


Market Benchmarking

To evaluate Morrison Yard’s performance, it’s useful to benchmark against comparable assets in the Downtown Charleston office submarket. Key comparisons include lease-up velocity, rental rates, and valuation metrics:


  • Lease-Up vs Peers: Morrison Yard delivered alongside a cohort of new office projects on the Charleston peninsula (many in the Upper Peninsula and WestEdge areas). Its lease-up has been among the swiftest and most complete. For instance, The Jasper (125,000 SF office delivered 2021) and Charleston Tech Center (93,000 SF delivered 2021) are now 95–98% leased, but they had a head start and benefited from unique anchors (tech incubator space, etc.). Morrison Yard, delivered 2022, caught up quickly to reach ~94% occupancy. In contrast, The Morris (1080 Morrison Dr, 108,000 SF, delivered 2023) and The Quin (1940 Algonquin, 110,000 SF, 2022) are still trailing – roughly 65–70% leased as of 2025, with large blocks available. Another recent project, 22 WestEdge (156,000 SF, delivered 2020), has also struggled to fill, remaining about 25% vacant (~75% leased). This peer group illustrates that not all new builds are succeeding equally: Morrison Yard distinguished itself by capturing tenants at a faster clip, likely due to its mixed-use environment, waterfront visibility, and aggressive marketing by JLL.





Occupancy rates (%) of recently delivered downtown Charleston office buildings (Morrison Yard highlighted). Newer projects like The Morris and The Quin still have high vacancies, while Morrison Yard’s lease-up nearly matches older successes like The Jasper and Tech Center


As shown above, Morrison Yard’s 94% occupancy far exceeds the leasing of other 4–5 Star projects delivered in the past few years. It contributed a significant share of the submarket’s positive absorption in 2024, whereas peers like The Quin added space without equivalent absorption (leading to higher vacancy). This indicates Morrison Yard effectively captured the limited expansion demand among tenants in this period. In a small market like Charleston, tenants often shift around; Morrison Yard managed to draw firms out of older buildings or expansions that might have otherwise gone elsewhere. A notable point: Charleston’s tenant base is mostly local/regional firms (the market “struggles with recruiting new large office users” as one report noted), so achieving full occupancy required courting many mid-size tenants rather than landing a single big fish. This strategy has clearly paid off for Morrison Yard, whereas other buildings waiting for a national corporate relocation have had slower progress.


  • Rent Levels vs Submarket: With asking rents in the high-$40s to $50/SF, Morrison Yard sets the top of the market. The average Class A asking rent downtown is about $43.23/SF full-service, so Morrison Yard’s leases (achieved ~$45–50) are at a 5–15% premium to the average. Compared to older 3-Star offices (avg $40.90) and 1–2 Star offices ($38.60), the premium is even larger. This underscores a bifurcation in the Charleston office market: tenants are willing to pay more for new, high-quality space, even as plenty of lower-cost space exists. Interestingly, some very small office properties downtown have fetched extremely high rents or prices (due to historic charm or limited supply), but for multi-tenant commercial buildings, Morrison Yard’s rent profile is as high as Charleston has seen.


  • Capitalization (Cap Rates & Values): Investment activity for Charleston offices has been subdued recently (“frozen capital markets” slowed office sales in the market). The few downtown office sales in the past year were generally smaller or specialized buildings. For example, 334 Calhoun St (87,244 SF medical office near MUSC) sold in Dec 2024 for $19.5 million ($224/SF), and 16 Charlotte St (14,750 SF historic office) sold in mid-2024 for $6.6M ($447/SF). These transactions had no cap rate reported, often because the properties were either fully owner-occupied or in transition (making cap rate less relevant). The average pricing for downtown office sales over the past 12 months was about $233/SF – but that average is skewed by many small trades and older buildings. A brand-new, fully leased Class A asset like Morrison Yard would likely command well above that average on a per SF basis. In absence of direct comps, we estimate a valuation in the $400–450/SF range for Morrison Yard is plausible (mid-$60 millions total), which, as noted earlier, would imply a cap rate in the high-6% to low-7% range on current NOI. Investors would factor in the strong tenant roster and long lease terms (banks and law firms tend to sign 7–10 year leases), as well as Charleston’s growth prospects, when setting pricing. For reference, office cap rates in Charleston were around 7.8% for top-tier assets in 2019 and have risen to ~8.5%+ in the current climate. Morrison Yard might buck that slightly due to its trophy status and full occupancy, but any sale today would still need to offer a risk premium relative to pre-pandemic levels.


  • Peer Sales/Exits: None of Morrison Yard’s direct peer buildings have traded hands yet (many are still lease-up stage or held by long-term owners). However, one relevant transaction is the refinancing of Morrison Yard’s residential component in 2023: the 379-unit apartment tower on site was refinanced with a $120M loan from Northwestern Mutual. While that’s the multifamily side, it signals institutional confidence in the overall development’s location and quality. Should Morrison Yard Office be brought to market, it would test investor appetite for premier office in a secondary market. Given the caution in office investment currently, the pricing might be somewhat conservative (perhaps a slight discount to replacement cost), but the asset’s performance could attract interest from regional office investors or even a REIT looking for yield in a growing Sunbelt market.


  • Absorption and Demand Trends: The Downtown Charleston submarket saw negative net absorption in recent quarters (e.g., –20,843 SF in one recent quarter), reflecting some contraction and sublease space coming available. Yet Morrison Yard managed positive absorption during the same period, effectively capturing demand from competitors. Part of this success is timing: Morrison Yard delivered at a moment (mid-2022) when several pent-up relocations and expansions were ready to execute as pandemic uncertainty waned. By contrast, The Morris delivered in early 2023, just as economic headwinds and higher interest rates made some tenants cautious. The ability of Morrison Yard to lease its last remaining suites in 2024 – including smaller firms like design boutique Skin Pharm and others – even as overall office demand cooled, is testament to the micro-market appeal of the project. Leasing velocity at Morrison Yard averaged roughly 30,000 SF per year (from zero to full in ~1.5 years), whereas The Quin and The Morris have leased closer to 15–20,000 SF per year since delivery. This outperformance highlights that not all new builds are equal – project execution, marketing, and perhaps a bit of luck (having early adopters like Parker Poe and Pinnacle on board) set Morrison Yard on a faster trajectory.


Strategic Takeaways

The story of Morrison Yard offers several strategic insights for lenders and developers assessing office projects in today’s environment:

  • Flight-to-Quality is Real – Even in Secondary Markets: Morrison Yard’s success shows that high-quality, amenity-rich offices can thrive, but only a limited number of winners emerge. In a smaller market like Charleston, demand exists for modern space – from banks, professional firms, tech and CRE companies – yet that demand is finite. The project captured a lion’s share of the expanding/relocating tenants by differentiating itself (views, mixed-use vibe, design) and effectively became the premier business address in Charleston. Lenders should recognize that Class A new-builds can outperform average market metrics (higher rents, lower vacancy) in markets with strong fundamentals, but only if the project truly delivers a compelling value proposition over older stock.


  • Pre-Leasing and Stakeholder Commitment Mitigate Risk: From a financing perspective, Morrison Yard underscores the importance of anchor tenants and aligned stakeholders. Pinnacle Bank not only financed the project but also committed to occupy space, and Parker Poe signed on early – these commitments were critical to getting the project out of the ground. In today’s tight capital markets, lenders will require substantial de-risking: e.g. 30–50% pre-leased to credit tenants, sponsor equity skin-in-the-game, and potentially credit enhancement (guarantees). Morrison Yard’s case suggests that when those pieces are in place, even speculative office development can secure financing and achieve success. For developers, partnering with end-users (like a bank or anchor tenant) can vastly improve financing terms and project viability.


  • Adapt Underwriting for Post-COVID Realities: Underwriting office projects now must assume longer lease-up periods, higher concessions, and greater uncertainty – except for truly best-in-class assets. Morrison Yard’s rapid lease-up is the exception, not the rule, in the post-pandemic era. Lenders should stress-test cash flows for slower absorption (what if Morrison Yard had taken 3+ years to fill?). In Morrison Yard’s case, the strong DSCR and debt yield indicate it could handle slower leasing if that had occurred, thanks to a low basis and strong pre-leasing. Future projects should similarly be underwritten with conservative lease-up schedules and exit cap rates reflecting current investor sentiment (which is cautious on office). Additionally, tenant credit and lease term take on heightened importance: many Morrison Yard tenants are established firms (banks, national companies, etc.), which gives comfort that income is durable. Underwriters will favor deals with such creditworthy rent rolls or require escrows/reserves if tenant quality is uncertain.


  • Secondary Markets Require Right-Sized Development: Charleston’s office market, at ~8.5 million SF total, cannot absorb huge amounts of new space quickly. Morrison Yard’s 148k SF was a substantial addition, yet it succeeded because it roughly matched the scale of demand. Developers in similar markets should be cautious about over-building. As the data showed, Charleston had no other major offices started after this recent wave, allowing a “breather” for the new supply to be absorbed. This points to a strategy of timing and scale: pursue projects when competing pipeline is limited, and size them to what the tenant base can absorb (perhaps multi-phase if needed). The “build it and they will come” approach only works if the project truly stands out (as Morrison Yard did); otherwise, a new building could languish (as a few peers are). Thus, the viability of future Class A builds in secondary markets will heavily depend on choosing the right location, scale, and having a differentiation strategy to avoid head-to-head competition for the same tenants.


  • Risk-Adjusted Returns for Lenders/Investors: Finally, Morrison Yard provides a template for what a successful office deal’s financials look like in 2025. An in-place cap rate around 7% on cost, cash-on-cash returns enhanced by low initial leverage, and a stabilized value uplift of 40–60% over cost – these are compelling figures if achieved. However, they were earned by taking development risk during an uncertain time. For lenders, the deal’s outcome (strong DSCR, full rent roll) is a best-case scenario, validating the decision to lend, but one must consider the downside that was avoided (e.g., if only 50% leased, the DSCR would have been thin). In tight capital markets, lenders will demand that even the downside case meets minimum coverage. Investors (equity) will similarly look for higher unlevered yield spreads in secondary markets now. Morrison Yard’s stabilized yield on cost of ~7–8% is notably above what prime gateway market offices yield (often <5% pre-COVID, now maybe 6–7%). This reflects a risk premium that secondary market projects must offer. Going forward, we can expect higher required returnsfor office development: only projects that pencil at these kinds of yields will get equity backing. Morrison Yard’s success, therefore, should be viewed in light of its smart risk management and perhaps fortunate timing – and not as an argument that all offices are back. Rather, it’s an argument that the right office, under the right conditions, can still thrive.


In conclusion, Morrison Yard serves as a case study in resilience and execution. It defied a soft national office picture by leveraging local strengths: a growing Charleston economy, a vibrant mixed-use location, and a design that met the moment’s demand for quality. For lenders and developers, the project reinforces timeless principles – know your market, secure your tenants, align with strong partners – while navigating the new realities of office real estate in a post-pandemic world. Risk-adjusted thinking is paramount: Morrison Yard’s premium performance was earned through upfront risk mitigation and delivering true long-term value to tenants, which in turn has delivered value to its stakeholders.


May 20, 2025 by a collective of authors at MMCG, led by Michal Mohelsky, J.D., principal of MMCG, office and development feasibility study consultant

Sources:


  • Charleston Business Journal, "Pinnacle Financial opens Morrison Yard HQ," Dec 2023

  • JLL Property Listing & Marketing Materials, Morrison Yard, 2024

  • Morrison Yard Developer Press Release, 2023

  • Balfour Beatty Construction Update, 2022

  • MMCG Database

  • CMBS



 
 
 
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