RALEIGH, NC-New Boston Fund is making office market moves in Raleigh. The private equity real estate investment, development and management firm just purchased Carolina Place, a 99,181-square-foot class A office building from a client advised by Invesco Real Estate. Financial terms of the deal were not disclosed.

“We bought Carolina Place because it’s high quality real estate in a great location in a high growth market,” Pryse Elam, southeast regional director at New Boston Fund, tells GlobeSt.com. “We bought the asset at market. This acquisition will help to re-establish a presence for New Boston in the Raleigh-Durham market, one of the fastest-growing metropolitan regions in the country.”

Ranking fifth among major metropolitan regions, Raleigh-Durham has experienced 71% growth since 1990. New Boston is no stranger to the market. The real estate investment firm once owned Triangle Business Center, a 400,000-square-foot flex/office park in Durham from 2000 to 2007. Carolina place was developed in 1994 and is located on Glenwood Avenue, just more than a mile from the I-440 Beltline, three miles from downtown Raleigh and 10 miles from Raleigh-Durham International Airport.