RALEIGH, NC—New York City-based investment firm JMCHoldings has acquired the Citrix Systems'office building here for a record-setting price of $68.5million.


The 185,000-square-foot office building at 120 South West St.,along with an adjacent seven-story parking lot and neighboringvacant real space, was purchased from a joint venture partnershipbetween The Crown Companies of Dobson, NC andCherokee of Raleigh, NC. The former ownership hadtransformed an abandoned warehouse into the high-tech officefacility for Citrix Systems, a leader in mobile work spaces,networking and cloud services, which signed a 15-year lease at theproperty.


The deal marks JMC Holdings' first purchase in North Carolina.JMC Holdings represented itself in the transaction and EastdilSecured represented the seller.


“JMC Holdings has been looking to expand its portfolio in theRaleigh-Durham market and recognized the value in 120 South WestSt. while it was still under construction,” says Matt Cassin,founder of JMC Holdings. “While this property sets a new standardfor office development in Raleigh, we were also attracted to theinvestment because we can achieve average annual cash yields above10% throughout our hold period, with a tenant that has exceptionalcredit, in a sub-market that is rapidly evolving.”


He adds, “In addition to the planned re-development of theneighboring Union Station, the warehouse district will continue togrow as this property is helping to bring a wave of new businessdowntown, thanks to the nearly 700 employees that Citrix moved intothe building this fall.” 120 South West St.'s amenities include arooftop garden and bocce court, a yoga studio, an indoorracquetball court, smart building environment systems and a55-foot-wide internal vertical garden wall.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.