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Press Releases

KBS signs 31,489-Square-Foot Lease Expansion at CAPTRUST Tower

  • April 1, 2019
Press Releases

KBS signs 31,489-Square-Foot Lease Expansion at CAPTRUST Tower

  • April 1, 2019
RALEIGH, N.C. (April. 1, 2019) — KBS, based in Newport Beach, California, announced today the signing of a 31,489-square-foot lease expansion along with a thirteen-year lease extension at CAPTRUST Tower in Raleigh. The CapFinancial Group, a financial planning firm that has been an initial anchor tenant since the building was constructed, now leases a total of 105,399 square feet at the property.

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.

Media Contact

Ginny Walker

KBS PR Manager
949-417-6535
gwalker@kbs.com

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Underwriting the Perceived Instability of Short-Term Office Leases

  • February 16, 2021
The threat of shorter office lease terms has been looming over the commercial real estate industry for several years. Companies first braced for the potential impact of new standards from the International Accounting Standards Board (IASB) recognizing all leases on the balance sheet, which took effect in January 2019. Then, the office leasing world was hit with additional challenges from COVID-19 as many companies opted to work from home and re-evaluated the role of their physical office space.
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Envisioning the Future of the Built Environment

  • January 29, 2021
Amidst the ongoing crisis, built environments are at the front lines of change and will play a huge role in creating a more resilient world going forward. Office architects are re-envisioning the future of the workplace—where and how we work. Unfortunately, there is no crystal ball to predict exactly what the new future-oriented office will look like, but what we do know is flexibility and adaptability will be key in resilient design.
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Why Texas is becoming a commercial real estate powerhouse

  • January 21, 2021
It looks like 2021 will be another big year for Texas, a year when a lot of major companies will make the jump and move to the Lone Star state. Just look at these transitions:
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