Finance firm exits Ballantyne for University City [The Charlotte Observer, N.C.]

"We chose the Innovation Park location for a number of reasons, including its state-of-the-art work environment featuring a full range of attractive amenities for our employees," AXA Equitable said in a statement.

Ned Curran, president and CEO of The Bissell Cos., developer of Ballantyne Corporate Park, said in a statement that Bissell is delighted AXA Equitable remains "committed to Charlotte."

Innovation Park's quoted rates are far lower than Ballantyne's -- between $16 and $18 per square foot, compared to Ballantyne Corporate Park's rates in the $22.50 to $27 per square foot range, according to real estate analyst Andrew Jenkins with Karnes Research in Charlotte.

"Just assuming that they pay the lower rates, respectively, they would be saving approximately $1.1 million annually at Innovation Park," Jenkins said.

The relocation is being touted as a coup by Innovation Park. Purchased two years ago by a Rockville, Md. firm specializing in buying distressed properties, the once-bustling 200-acre IBM campus had passed through two owners before being bought by BECO Management. Its spinoff company, BECO South, runs the business park.

Existing tenants at Innovation Park include IBM, Siemens Energy, Aon Hewitt insurance services, and Areva, a nuclear power company.

"When my partners and I purchased the property in early 2010, it was a sad, tired skeleton of what had once been the vibrant, bustling IBM campus," said Chris Epstein, president of BECO South, in a statement.

"We set out to bring the site back to life, and...transform Innovation Park into an energizing 'must see, must be' destination."

Smith: 704-358-5087

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