In August 2007, it was announced that this would become the official headquarters building for Wachovia upon its completion replacing the One Wells Fargo Center.
In February 2009, it was announced that this would be renamed as the Duke Energy Center to reflect Duke's status as the lead tenant of the tower in the wake of the Fall 2008 acquisition of Wachovia by San Francisco-based Wells Fargo.
Site preparation began in February 2006 with the demolition of a Firestone Tire dealership at the corner of West Stonewall and South Tryon.
It took just over 60,000 dump truck loads to remove all of the excavated material from the site.
On Tuesday, February 28, 2006, the excavation and blasting of a 100-foot-deep hole for the below grade parking garage commenced.
The tower's primary tenants were originally announced as Wachovia Bank, Duke Energy and the Wake Forest University Babcock School of Management.
In seeking LEED certification, this has numerous environmentally friendly features including the recycling of rainwater and a green roof.
In its original petition to the Charlotte-Mecklenburg Planning Commission, this was to have been constructed on a 1.29 acre parcel adjacent to 400 South Tryon at 428 South Tryon Street with 34 floors at a height of 510 feet.
A variance to the Charlotte zoning ordinance was granted with regards to both retail and open space prior to the start of construction.