RALEIGH, NC-KBS Realty Advisors has signed four new long-term leases—nearly 60,000 square feet—at its class A two-building office complex. The four new leases bring the 126,926-square-foot Colonnade One building to 90% occupancy.
John Brewer and Ed Pulliam of CB Richard Ellis’ Raleigh office represented KBS in all four transactions, which include deals with Salix Pharmaceuticals, MediClick, Jubilant Clinsys, and Wisdom & Wealth Solutions. The office complex is located in Raleigh’s Six Forks business district, just south of the I-540 and the recently completed Six Forks Interchange.
“As these four latest tenants prove, Colonnade One offers a terrific mix of location, building features and onsite amenities,” says Robin Burke, KBS senior vice president and asset manager. “The property continues its role as one of the premier business addresses in Raleigh’s Six Forks submarket.”
The Triangle office market began 2011 with its second consecutive quarter of positive net absorption, sending market-wide vacancy down by another 30 basis points to 20.3 percent, according to Grubb & Ellis. A flight to quality continues to drive activity in class A properties there. Grubb reports biotech and technology companies dominated leasing activity from across the market in the first quarter. That trend also played also played out at Colonnade One.
Salix Pharmaceuticals is a U.S. pharmaceutical from Morrisville, N.C. that licenses, develops and markets products for gastrointestinal disorders. Salix inked a 26,363-square-foot lease. Austin Koon of Jones Lang LaSalle’s Raleigh office represented Salix.
MediClick, a Raleigh-based provider of Software-as-a-Service (SaaS) supply chain solutions in the healthcare industry, signed a 18,211-square-foot lease. Matthew Cooke, also of the Jones Lange LaSalle Raleigh office, represented the lessee.
Jubilant Clinsys, a clinical research organization headquartered in Bedminster, N.J., signed a 13,441-square-foot lease. Michael Morgan of Jones Lang LaSalle in Raleigh represented the tenant.
Wisdom & Wealth Solutions, a Raleigh-based independent Registered Investment Advisory firm specializing in the needs of dentists, physicians and entrepreneurs, finalized a 2,174-square-foot lease. Ryan Gaylord of Tri Properties Inc., in Durham, N.C., represented Wisdom & Wealth.
Completed in 2001, the class A Colonnade One is part of a two-building office complex, and features a two-story atrium lobby with granite flooring, hardwood molding and high-quality finishes. The property is also immediately adjacent to a newly opened Whole Foods Market.
In addition to Colonnade One, KBS-affiliated companies own the 496,347-square-foot Crossroads Distribution Center in Charlotte and Crescent Green, a three-building 248,832-square-foot office property in Cary in North Carolina.
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