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Who Are Charter Square’s Newest Tenants?

3 Aug 2015, 11:33 am

By Adriana Pop, Associate Editor

Charter Square Building, Fayetteville Street, Raleigh.

Charter Square on Fayetteville Street in Raleigh

The recently completed 11-story Charter Square building in downtown Raleigh has landed two new-to-Triangle corporate tenants.

CBRE Raleigh has announced that the Polsinelli law firm and the Industrious co-working group will be moving into the class A building, which sits on Fayetteville Street across from the Marriott hotel.

Polsinelli has signed a lease to occupy half of the seventh floor, or about 11,000 square feet, with an expected commencement in December of this year. With over 100 firms across the country, the Kansas City, Kansas-based company has a vast history of representing major healthcare companies and healthcare organizations on a regional and national level.

According to the Triangle Business Journal, Polsinelli expanded into the Triangle in March after luring away three top health care lawyers from the Raleigh office of Nelson Mullins, including attorneys Barry Alexander, Ross E. Sallade and Sean A. Timmons.

Meanwhile, Chicago-based Industrious will be occupying the entire third floor, or about 23,000-square-feet, with an expected commencement in October of this year. The company offers a variety of private and common co-working spaces for freelancers, growing startups and small businesses.

Charter Square, a joint venture between Dominion Realty Partners and Prudential Real Estate, opened its doors to tenants on June 17.  The 242,969-square-foot building is currently about 58 percent leased. The project was developed on a speculative basis and aims to achieve LEED Platinum status, the first of its kind in downtown Raleigh.

Photo credits: chartersquare.com



Transformative Project Coming to Chapel Hill

31 Jul 2015, 9:37 am

By Adriana Pop, Associate Editor

A high-profile mixed-use development will soon rise south of The University of North Carolina at Chapel Hill’s campus across from Southern Village.

Rendering of Obey Creek - Chapel Hill

Rendering of Obey Creek – Chapel Hill

Called Obey Creek, the 1.6 million-square-foot project received approval from the Town of Chapel Hill in June. Plans call for up to 350,000 square feet of retail space, 600 apartment units, 375,000 square feet of office space and a hotel component.

CBRE Raleigh has announced its engagement with East West Partners and Caves Valley Partners to offer development consulting and exclusive retail leasing services for Obey Creek.

Charlie Coyne, senior vice president, Reagan Crabtree, vice president and Matt Larson, vice president of CBRE Raleigh’s retail services team will be leading leasing efforts for the project.

According to the NewsObserver, the Town’s recent decision wrapped up six years of talks and eight months of negotiations with developer East West Partners. The approval also reverses a 23-year-old community expectation that new developments east of U.S. 15-501 would be limited to low-density homes and neighborhood businesses.

Supporters of Obey Creek argue that the project would bring more retail options, tax dollars, affordable housing and other public benefits. Critics, on the other hand, cite concerns about a worsened traffic on U.S. 15-501 and smaller neighborhood streets.

Rendering via CBRE Raleigh



Landmark Building in the Southern Part of Heaven Gets New Owner

3 Jul 2015, 8:04 pm

By Adriana Pop, Associate Editor

It’s the end of an era for one of the most architecturally distinct commercial buildings in Chapel Hill.

BCBSNC HQ in Chapel HillBlue Cross and Blue Shield of North Carolina, which ranks as the state’s largest health insurer, is planning to consolidate its operations to a group of office buildings in Durham.

As part of the transition, the company has reached an agreement to sell its iconic rhomboid-shaped headquarters building and campus at 1830 Chapel Hill Blvd. in Chapel Hill to the Raleigh-based State Employees Credit Union (SECU).

According to the Triangle Business Journal, the sale is expected to close later this fall for $35 million.

BCBSNC had earlier announced that in 2016 it would relocate from the headquarters to the Durham Campus. The decision was prompted by the fact that the company would save more by moving to the new offices than by retrofitting the four-story, 240,293-square-foot Chapel Hill structure to lower its operation costs.

According to Jim Blaine, president of SECU, the facility will help the company address two immediate goals: it will host a back-up disaster recovery center outside of Raleigh, since it includes a data center, back-up generators, and data communication lines, and it will also enable the relocation of the nearby Elliott Road branch. At the purchase, SECU plans to upgrade the 1973 property.

About 900 employees still work from the Chapel Hill office, which BCBSN will lease through the first half of 2016, until it completes the move.

“This is one of those ‘right place at the right time’ opportunities,” said BCBSNC president & CEO Brad Wilson. “This transaction involves two North Carolina companies and one very special property with a proud history.”

In recognition of its unique architecture, the Chapel Hill building featured in the New York Times Magazine, Time and Newsweek, and was also part of a design exhibition at the Museum of Modern Art in New York.

Photo credits: BCBSNC



Multifamily Communities in Raleigh Attract Out-of-State Investor

1 Jul 2015, 9:58 pm

By Adriana Pop, Associate Editor

A Los Angeles company has closed on its second multifamily acquisition in the Triangle region in the last year.

Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, bought the Hamilton Ridge Apartments in Raleigh from an affiliate of Abacus Capital Group. According to the Triangle Business Journal, the property sold for $18.2 million.

Hamilton Ridge Apartments in Raleigh

Hamilton Ridge Apartments in Raleigh

Located at 4901 Tall Timber Drive in the Crabtree Valley area, the 178-unit community comprises 13 low-rise residential buildings, and is currently 98 percent occupied. It was built in 1986 and features a mix of one- and two-bedroom apartments with washer/dryer, fireplace, patio or balcony, vaulted ceilings and large windows. Amenities include a stand-alone clubhouse with a business center, coffee bar, fitness center, community room, resort-style pool, outdoor grilling, picnic areas, a car care center and free Wi-Fi.

Greystar will manage Hamilton Ridge Apartments, which is ideal for young professionals, since it offers easy access to the area’s key employment centers of downtown Raleigh and Research Triangle Park.

John Gaghan led the investment team for LEI, while Hunt Mortgage arranged financing for the acquisition.

LEI now plans to upgrade the common areas, including the clubhouse and pool deck, modernize the kitchens and bathrooms, and improve the overall appearance of the units.

“Hamilton Ridge is exceptionally well located in a growing submarket of Raleigh. While well maintained, the current unit finishes offer an opportunity for LEI to make improvements that will enhance the value of the property and position it as an even more attractive residential option in this market,” said Bleecker P. Seaman, co-CEO of LEI.

Last fall, LEI also partnered with locally based Blue Ridge Realty to develop The Gramercy, a six-story, 203-unit apartment and retail building currently under construction at Glenwood Avenue and North Street in downtown Raleigh.

Photo credits: Abacus Capital Group



MetLife Celebrates Grand Opening of RTP Technology Hub, Meets Significant Hiring Goals

25 Jun 2015, 11:54 am

By Adriana Pop, Associate Editor

Grand Opening of MetLife RTP Technology Hub in Cary

North Carolina Governor Pat McCrory (front row, third from left), MetLife CEO Steven A. Kandarian, and MetLife Global Technology & Operations EVP Marty Lippert cut the ribbon to celebrate the opening of MetLife’s Global Technology campus in Cary, NC.

Good news for Cary: on June 22, MetLife held a ribbon cutting event for its new Weston Lakefront global technology campus in the Research Triangle area of North Carolina.

The new 26.5-acre Cary campus, which broke ground in 2013, consists of two seven-story, 213,500-square-foot office buildings overlooking a terrace fronting Lake Crabtree. It was developed by Highwoods Properties and designed by Rule Joy Trammell + Rubio of Atlanta and Studios Architecture of Washington, D.C.

The facility, which targets the highest LEED certification for environmental sustainability, also ranks as the least costly new administrative office space MetLife operates in the United States.

Back in March 2013, MetLife announced that the Cary campus, coupled with its new U.S. retail headquarters in Charlotte, would bring the company’s investment in North Carolina to $125.5 million and lead to the creation of 2,600 jobs by the end of 2015.

During the official event, the insurance giant’s chairman and CEO Steve Kandarian announced that MetLife has met its jobs and investment commitment to the state six months ahead of schedule.

This, according to the Triangle Business Journal, means that the company now qualifies for the $90 million economic development incentive package offered by the state more than two years ago in exchange of its decision to expand in the region. MetLife will receive these funds through the state’s Jobs Development Investment Grant program over the next 12 years.

“Our hiring has moved faster than we expected because of the rich talent pool and business friendly environment we have found in North Carolina,” Kandarian said in a news release. “We are more convinced than ever that we made the right decision in choosing Cary and Charlotte as hubs for our global technology and operations organization and U.S. retail business. We look forward to strengthening our ties to these communities and to the state as a whole in the years to come.”

Photo credits: MetLife

 







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