“The building is new, efficient, LEED Gold and leased to a very diverse group of tenants,” Evan pointed out. The 17-story building is 95 percent leased to 18 tenants, including Captrust Financial Advisors, the American Board of Anesthesiology, Regus, RBC Capital Markets and other national and regional tenants.
It is also located within a mixed-use project that includes such retailers as Target and Lululemon; two hotels; 20 restaurants at a wide range of price points, a new high-end Harris Teeter and several hundred apartment units, with more under construction.
“The building is basically new, but we may fine-tune certain aspects of the property and complete the tenant build-out for a couple expanding tenants,” Evan added.
The company has been focused on Raleigh and specifically Captrust Tower due to the quality of the master plan and the the mix of uses already in place and planned. “Raleigh is a fairly steady market, without the extreme volatility in many of the other ‘boom and bust cities,’ ” Evan said. He noted that the Urban Land Institute and PricewaterhouseCoopers’ 2013 Emerging Trends investors’ study and a recent CoStar Group report both ranked Raleigh as a top five city going forward, based on demographic and employment trends.
The building was developed by Duke Realty and Kane Realty in 2009. Duke sold its stake, but Kane will continue to have an ownership interest in the project through a joint venture with KBS.