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PREI, Dominion Partner on Raleigh Office Development

RALEIGH, NC— Downtown Raleigh has worked to draw employees to its urban core, and a new joint venture aims to tap into the growing demand for office space there.

By Jennifer LeClaire | Updated on July 25, 2013

RALEIGH, NC—Prudential Real Estate Investors (PREI) just inked a $54 million joint venture with Dominion Realty Partners to build Charter Square, an 11-story office property in Raleigh’s downtown central business district. PREI is the real estate investment management and advisory business of Prudential Financial, Inc.

“Raleigh has become one of the best cities to live, work and play making it comparable to other tech hubs in popular cities around the country,” says Soultana Reigle, managing director at PREI and portfolio manager of the firm’s value-added, open-ended equity commingled real estate strategy. “We chose to invest in Charter Square because of the growing popularity of Raleigh’s downtown business district, coupled with the rising trend among working professionals who now prefer to work in direct proximity to the 24-hour amenity base a city like Raleigh has to offer.”

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