RALEIGH, NC-California investor Herbert Kendall paid $17.4 million for the 120,000-sf, one-year-old Lucent Technologies Building on North Carolina State University's centennial campus. Duke-Weeks built the structure last year for $100 per sf.
Lucent is on a 20-year lease, occupying the entire building. Kendall also owns NorthChase Center I and II on Six Forks Road in Raleigh, 150 miles northeast of Downtown Charlotte. One Hanover Square in Downtown Raleigh last year sold for $45 million or about $125 per sf.
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May 12, 2026
However, leasing dropped by eight percent.
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Debt funds and mortgage REITs take the majority share while banks and CMBS pull back.
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