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Starwood Unloads Raleigh Office Asset for $65M

RALEIGH, NC-Park Center FA of Delaware bought the 744,499-sf, nine-building Park Center in Research Triangle Park for $65 million, in a deal that includes seven retail outparcels, a single-story retail building and five acres of developable land.

By Alex Finkelstein | Updated on December 03, 2002

RALEIGH, NC-Sofi IV RTP, an LLC formed by Starwood Capital Group LLC of Greenwich, CT has sold the 744,499-sf, nine-building Park Center office complex in Raleigh, NC’s Research Triangle Park to Park Center FA of Delaware for $65 million or $87.30 per sf.The sale includes seven retail outparcels, a single-story retail building and five acres of developable land.

“With strong demand by institutions for premium buildings of this type into today’s yield-hungry environment, we thought it was the perfect time to sell this property and lock in significant gains for our investors,” Starwood vice president Robert Geimer says in the statement.

Craig Davis Properties of Raleigh won the management and leasing contract and will lead the redevelopment of the retail building and the land, incorporating retail and multi-family components, according to a prepared statement from the Raleigh office of CB Richard Ellis Inc. which represented Starwood.

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