KBS has sold CAPTRUST Tower to Preferred Office Properties. KBS initially purchased the property in 2013 in a joint venture with Kane Realty Corp., which will continue as a partner to Preferred Office Properties.
Originally built by Kane Realty Corp., CAPTRUST Tower is a fully leased, 300,389-square-foot, mixed-use class A office building anchoring North Hills, a flourishing development in Midtown Raleigh that offers a unique combination of places to live, work, shop, play and stay. Within the building are nine stories of class A office space atop a six-level parking deck with street-level retail and restaurants on the ground floor. At 230 feet tall, CAPTRUST Tower offers views of Raleigh’s Downtown and Midtown skylines from every floor. CAPTRUST Tower received LEED Gold certification from the U.S. Green Building Council.
North Hills is a multi-faceted district offering tenants access to four-star hotels, banks, pharmacies, spas, salons and a state-of-the-art 60,000-square-foot gym. Premier dining establishments, high-end boutiques, department stores and cafés are all a few steps in any direction.
The Raleigh-Durham office market began 2019 with a strong quarter of positive absorption, marking the sixth consecutive quarter of positive net absorption, according to CBRE’s first quarter 2019 Office MarketView. Class A office products accounted for 513,899 square feet of the positive absorption, while overall net absorption sat at 438,103 square feet.
“CAPTRUST Tower will continue to benefit from Raleigh’s solid population growth, as well as its unmatched positioning within the heart of North Hills, a master-planned ‘live, work, play’ community,” said Allen Aldridge, senior vice president for KBS and asset manager of the property. “The new owners will benefit from a location which offers tenants exceptional walkability, with convenient access to over 170 restaurants, premier shops, and services.”
Livibility.com recently named Raleigh No. 2 in the nation for the 2019 Top 100 Best Places to Live. And it has a strong tech-oriented employment base as well. The Research Triangle Park, located between three major research universities — Duke University in Durham, University of North Carolina in Chapel Hill and North Carolina State University in Raleigh — was founded in 1959 by leaders from the business, government and academia to attract companies engaged in world-class research and development in growing scientific and technological disciplines, and is home to more than 170 companies including IBM, Cisco and Ericsson.
“CAPTRUST Tower is among the most iconic office assets in Raleigh,” added Marc DeLuca, regional president, Eastern United States for KBS. “We know the new owners will enjoy the leasing demand we have seen based on Raleigh’s ever-expanding technology sector.”
