The development, which will be called Captrust Tower at North Hills, will include 274,000 sf of office and 28,400 sf of retail. The project, which is expected to be completed in summer 2009, will feature restaurants and retail shops on the first floor and parking. The development price was unavailable by GlobeSt.com's deadline.
The building's first tenant will be investment advisory and research firm Captrust Financial Advisors, which will move its headquarters into 51,000 sf at the building. Other signed tenants for the project are law firm Ogletree, Deakins, Nash, Smoak & Stewart, PC and real estate firm CB Richard Ellis. Signed leases total more than 100,000 sf.
Duke Realty senior vice president of North Carolina operations Jeff Sheehan tells GlobeSt.com that leasing efforts for the retail space have started, but no signed leases are yet in place. "We anticipate that the space will attract a white table cloth restaurant for corporate users, such as a steakhouse," Sheehan says.
The project will be located directly adjacent to the Interstate 440 ramp and will have access to the Greater Triangle and Eastern Carolina regions. "The building is right on the Beltline [Interstate 440] and, due to its height, will be visible from all over," Sheehan says.
Since entering the Triangle in 1999, Duke has invested more than $600 million in the area. The company's local portfolio includes more than 5.2 million sf of office and industrial space that it owns, manages or has developed, as well as 140 acres of undeveloped land.
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