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.