CAPTRUST Tower is a mixed-use Class A office building that
stands 17 stories tall and totals 300,389 square feet of rentable space. The
property offers nine stories of office space atop a six-level parking deck and
streetscape retail and restaurants on the ground floor. Located in Midtown
Raleigh, the property offers views of downtown Raleigh and Midtown skylines
from all floors. The tower is equipped with various onsite amenities including
a coffee bar and has been awarded the LEED® Gold Certification for its
environmentally friendly solutions.
In 2013, KBS acquired the property in a joint venture that
includes Kane Realty and a sovereign partner. Since then, KBS has redesigned the
main lobby as well as the parking deck lobbies. More recently, KBS has
completed renovations of a new conference center, coffee bar, and all new
finishes, including furniture and art that extends the corridor and elevator
lobby.
“CAPTRUST Tower’s central location and wealth of amenities
bridge personal and professional needs for our tenants,” said Allen Aldridge,
senior vice president of KBS and asset manager for the property. “We are
excited to continue our relationship with The CapFinancial Group as they expand
their operations.”
The building is anchored in North Hills, a flourishing
development in Midtown Raleigh that offers a unique combination of places to
live, work, shop, play and stay. The development, which has received numerous
awards and accolades for its pedestrian-friendly and sustainable design,
provides tenants easy accessibility to high-end boutiques, restaurants and
entertainment options. The property’s central location is also in proximity to
downtown Raleigh and North Carolina State University, and provides direct
accessibility to public transportation, I-440 and the Raleigh-Durham
International Airport.
Raleigh has remained a target market for KBS as it has
consistently attracted premier tenants and touted low vacancy rates. In 2018,
rental rates grew while the number of vacancies declined. According to CBRE’s
Raleigh-Durham Office Marketview Q4 report, the area has been a 9.1 percent
decrease in vacancies since 2014. Due to its increasingly high ratings in
employment opportunity and robust live-work-play environment, Raleigh has
become a desirable location for new tenants.
“Raleigh’s submarket of North Hills is a one-of-a-kind
environment, offering countless opportunities for work and play,” said Marc
DeLuca, eastern regional president for KBS. “We are committed to elevating
overall tenant experience at each of our properties and see this expansion as a
validation of our efforts.”
Heath Chapman and Done Shupe of CBRE represented The
CapFinancial Group, and Hooker Manning and Alex Mikels of Kane Realty
Corporation represented KBS in the transaction.