RALEIGH, NC—The rumors turned out to be true. Duke Realty decided to dispose of one of its Raleigh office assets—and KBS Realty Advisors was right there to snap it up.
Duke sold Captrust Tower to KBS for an undisclosed amount. But the Triangle Business Journal estimated the office asset was worth nearly $50 million.
“Captrust Tower is the best project in Raleigh and has leased faster and at higher rents than any other office project,” says Charles Schreiber, CEO of KBS. “We’ve been focused on Raleigh and specifically Captrust Tower due to the quality master-plan and the maturity of the mix of uses already in-place and planned.”
Captrust Tower is a 300,389-square-foot office and retail building. At 17-stories, the tower is the most iconic building in suburban Raleigh. The project is 95% to 18 tenants, including Captrust Financial Advisors, the American Board of Anesthesiology, Regus, RBC Capital Markets, and other national and regional tenants.
Captrust Tower is in Raleigh’s North Hills area, an affluent mixed-use submarket. North Hills offers office, retail, apartments and hotels, all within a walkable integrated master-planned project. The LEED Gold-certified, building offers 275,630 square feet of office space and 26,813 square feet of retail space, in addition to a six-level parking deck.
Duke Realty and Kane Realty developed Captrust Tower in 2009. Kane will continue to have an ownership interest in the project through the joint-venture formed with KBS.