Vanguard Group’s $117 million investment to create a Charlotte regional hub in University City is a key step for the steady recovery of Charlotte’s office market. Malvern, Pennsylvania-based Vanguard bought the 700,000-square-foot building in a sale that closed Tuesday. The building and 91-acre site was originally planned to house Centene Corp.’s (NYSE: CNC) East Coast headquarters. Keith Stanley, president and CEO of University City Partners, said Vanguard’s decision to bring its entire local workforce into the University submarket underscores the continued growth in that part of the city.

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