City Office REIT has closed the acquisition of Bloc 83, a premier two-building office complex in Raleigh, N.C., for a gross purchase price of $330 million.
The 494,000-square-foot, newly built class-A complex possesses a prime location, market-leading features and strong tenancy. Bloc 83 is in the Glenwood South submarket, a preeminent live-work-play district of downtown Raleigh. Glenwood South has attracted young professionals relocating from larger metro areas and is the epicenter of Raleigh's dining, shopping and entertainment district.
Bloc 83 features best-in-class, modern tenant buildouts, common areas and amenities. Highlights of the property include state-of-the-art fitness centers, rooftop sky lounge, yoga studio, various retail amenities and expansive lounges. The first building was delivered in 2019 and is now 93 percent leased with a weighted average lease term remaining of about 10.3 years. The second building was delivered in 2021 and is in its