Northchase Office Park in Raleigh Welcomes New Tenant
- Apr 04, 2014
by Adriana Pop, Associate Editor
Phillips Architecture has recently relocated to the newly renovated Northchase office park on Six Forks Road in Raleigh.
According to the Triangle Business Journal, the firm occupies approximately 9,000 square feet on the ground floor of Northchase II.
Comprised of two low-rise buildings, the Northchase property dates back to the mid-1980s and has been mostly vacant since Genworth Financial moved out in 2009.
Last summer, Principal Global Investors of Des Moines, Iowa purchased the buildings from a California investor for $11.65 million, about 50 percent less than the properties’ $23.2 million tax value.
The company commissioned Tri Properties of Durham to refurbish the buildings, while Phillips Architecture was in charge with the redesign of the spaces.
“We are excited with Phillips Architecture’s move to Northchase at Midtown and their overall involvement with the redevelopment of the two buildings,” Clay Stober, senior vice president and partner at Tri Properties, told the newspaper. “With several other prospects showing interest we are thrilled with the progress at Northchase in reshaping the Six Forks Road submarket.
Phillips Architecture, which has about 25 employees, relocated from a six-story building on Navaho Drive in north Raleigh, where it had been based for the past 23 years.
In other news, Northridge Capital LLC of Washington, D.C. has acquired a Class A office building located in the 270-acre master-planned Meridian Corporate Center in Durham.
According to the Triangle Business Journal, an investor group represented by HDG Mansur of Indianapolis sold the 61,763-square-foot property at 2635 Meridian Parkway for $6.4 million.
Scot Humphrey, Chris Norvell, SIOR and Bill Simerville of Cushman & Wakefield | Thalhimer’s Capital Markets Group brokered the transaction on behalf of the seller.
The building, which is anchored by Virtual Computing Environment Co., a joint venture of Cisco Systems and EMC Corp., was 69 percent leased at the time of sale.
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