Construction to Begin on New GlenLake Office Building in West Raleigh
- Oct 11, 2013
By Adriana Pop, Associate Editor
Highwoods Properties has announced it would soon break ground on its fourth building at the GlenLake Office Park near Crabtree Valley Mall in west Raleigh. The locally based real estate investment trust expects to invest $35.8 million in the development of the approximately 166,000-square-foot project, which is already 25 percent leased.
Raleigh law firms Ellis & Winters LLP and Hedrick Gardner Kincheloe & Garofalo LLP are the first to have signed on to occupy the LEED certified, six-story building known as GlenLake V. Construction is expected to begin in the fourth quarter of 2013 and be complete by the first quarter of 2015.
According to the NewsObserver, the company’s decision to move forward with the project reflects the ongoing improvement of the Triangle’s office market, as well as the success Highwoods has had with the other GlenLake office facilities. Called GlenLake One, GlenLake Four and GlenLake Six, the buildings are completely occupied by a tenant mix that includes the headquarters for Pepsi Bottling Ventures.
“Our GlenLake Park, which currently includes three, Class A office buildings encompassing 440,000 square feet, has proven itself as an established and highly desirable infill location and is 100 percent leased. In addition to signed commitments from these new Highwoods customers representing 41,000 square feet we have good interest from others who are actively considering relocating to GlenLake,” Ed Fritsch, president and chief executive officer of Highwoods, said in a prepared statement.
Plans for GlenLake V also include a 4,300-square-foot fitness center and a new general-use space for the building’s tenants. The architect of the project is Rule Joy Trammell + Rubio, which is also designing the $110 million campus Highwoods is developing for MetLife in Cary.
Within GlenLake Park, Highwoods has approvals to develop up to seven office buildings totaling 985,000 square feet.
With the addition of GlenLake V, the company’s development pipeline has grown to 1.1 million square feet of wholly-owned projects and 215 multi-family units in a 50 percent-owned joint venture, representing an investment of approximately $275 million that is 86 percent pre-leased.
Photo credits: www.highwoods.com