Charleston’s economy is driven by the port, military, healthcare and medical technology, and tourism with a combined economic impact totaling over $15.4 billion annually. Education also plays a role in the economy with the College of Charleston, The Citadel and Medical University of South Carolina all calling Charleston home. The region’s economy has evolved from being military and government based to being well-diversified across many sectors. The emergence of companies focused on sophisticated manufacturing, biosciences and cutting-edge communications technology helps the region maintain a stable economy and protects against downturns across sectors. In 2009 Boeing selected Charleston as the site for a second assembly facility for the new 787 Dreamliner aircraft and, most recently, Volvo and Mercedes announced they will be opening new plants in Charleston. The presence of these major employers and Blackbaud, a provider of solutions to fundraisers and non-profits, demonstrate the strength of the local economy. Not to be forgotten is the Port of Charleston, one of the busiest container ports along the Southeast and Gulf coasts, which is a significant contributor to the stability of the economy.
Property Tenancy: 97% Leased
Faber Pointe is well leased with a strong anchor tenant, Molina Healthcare. Molina is a $4.19 billion market cap company that ranks 301 on the 2015 Fortune 500 list. Additional tenants cover a wide array of industries including education, employment staffing, engineering and construction.
- Molina Healthcare 40,909 square feet: A Fortune 500 company operating in multiple states with over 5 million customers, incorporating health plans, medical clinics and a health information management solution. no other organization of its kind does all three. Molina’s accounts for approximately 57% of the buildings rentable square feet and has a lease that matures September 2023.
- Webster University 12,520 square feet: Non-profit university that provides accredited undergraduate and graduate school education to approximately 20,000 students. Webster’s occupancy accounts for approximately 17% of the buildings rentable square footage and has a lease that matures November 2023.
- BRPH Companies 4,487 square feet: An architecture, Engineering and design firm that focuses on the manufacturing, Aerospace, commercial, education, entertainment and federal facilities fields. BRPH’s lease matures in May 2019.
- Shipco Transport 4,096 square feet: A division of Denmark based Scan-Group. The company is one of the world’s leading neutral non-vessel operating common carriers. Shipco’s lease maturity is in July 2020.