California-Based Tech Firm Buys Raleigh-Area Office Building for $58M
Forty540, located in the RTP/I40 Raleigh submarket, was 100% leased at the time of sale to the buyer Align Technology, which houses the company’s Americas region headquarters at the property.
MORRISVILLE, NC—A partnership of FCP of Chevy Chase, MD and Indianapolis-based Strategic Capital Partners, LLC has sold the 200,000-square-foot Forty/540 office building here to Align Technology, Inc. of San Jose, CA for $58.1 million.
FCP and SCP acquired the site at 3030 Slater Road, Morrisville, NC in November 2015 and delivered the five-story building in early 2017. Forty540, located in the RTP/I40 Raleigh submarket, was 100% leased at the time of sale to the buyer Align Technology, which houses the company’s Americas region headquarters at the property.
“FCP is very proud of the success of Forty540 and with the conclusion of our business plan for the property,” says FCP VP for commercial asset management Sarah Hubbard.
FCP SVP for commercial investments Erik Weinberg, notes, “FCP has maintained a strong presence in the Triangle for 10 years with both multifamily and commercial investments as well as new development. We continue to seek commercial opportunities in this market.”
Last month, FCP acquired the 279-unit Trails of North Hills apartment community in Raleigh for $33.3 million.
“When SCP and FCP started this development on a speculative basis we designed this building to procure a large growing tenant,” says SCP president and CEO Rich Horn. “Fortunately, we found a tenant that was a great fit and selected our project and grew with us. We wish them continued success in Raleigh/Durham.”
CBRE’s Brad Corsmeier and Ed Pulliam of CBRE|Raleigh handled leasing at the property for FCP and SCP. Jason High and Ham Southworth of CBRE|Raleigh represented the buyer in its purchase of Forty540.
“Over the last four years, Raleigh’s deep talent pool has helped Align grow and strengthen its presence in the area,” says Ginger Maseda, senior director, global talent acquisition for Align. “We also believe that it’s important to give back to this community that has been so welcoming to Align. Our employees are active in a number of local causes including our annual Smile Drive and we’re a proud sponsor of the Carolina Hurricanes.”
Align first opened a Raleigh office in July 2015 with 14 employees. The dental technology firm currently employs more than 400 employees in its Americas region headquarters and plans to continue to hire over the next several years. The company designs and manufactures the Invisalign® system, the most advanced clear aligner system in the world, and iTero® intraoral scanners and services.