CAPTRUST Tower in Raleigh, North Carolina
RALEIGH, NC – KBS has sold CAPTRUST Tower in Raleigh, NC to Preferred Office Properties.
The fully-leased, 300,389-square-foot building features nine-stories of office space atop a six-level parking garage, located in the North Hills district of Midtown Raleigh. The 230-feet tall Class A office tower, built by Kane Realty Corporation, bodes retail and restaurant offerings on the ground floor. The building is LEED Gold certified by the US Green Building Council.
KBS initially purchased CAPTRUST Tower with Kane Realty Corporation in 2013. The joint venture partner will continue as owner alongside Preferred Office Properties.
KBS was represented in the sale by Patrick Gildea, Ben Kilgore and Will Yowell of CBRE. This transaction marks Preferred Office Properties' second investment in the Raleigh market.
According to CBRE's Q1 2019 Office MarketView, the Raleigh-Durham office market has had six consecutive quarters of positive net absorption. Raleigh was also recently named number two on Livibility.com's 2019 Top 100 Best Places to Live list.
KBS is a private equity real estate company, a SEC-registered investment advisor and global commercial real estate owner. Founded in 1992, KBS and its affiliated companies have completed $40 billion in transactions.
Kane Realty Corporation, founded in 1978, is a vertically-integrated commercial real estate firm that focuses on developing, managing and leasing various real estate products.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
