Crescent Real Estate has acquired Raleigh’s 12-story Midtown Plaza for a record-breaking $132 million. The seller, Lionstone Investments, completed the sale in the highly competitive office market of the region. This transaction marks one of only a few recent deals with such a high price tag, following last month’s sale of IBM’s campus near Research Triangle Park for $66 million to Hines.
Built in 2017 and fully leased, Midtown Plaza spans over 329,747 square feet and boasts notable tenants including Altera, Gilead Sciences and Fifth Third Bank. With an impressive weighted average lease term of six years thanks to these tenants’ long-term commitments,JLL represented Lionstone Investments as they marketed this property.
Strategically located at the intersection of Innovation District and Park District within North Hills,the occupancy rate for offices in this area currently stands at an impressive 98.5%. Since its completion just three years ago,Rental rates have also seen significant growth by up to27%, further solidifying North Hills as a prime location for businesses looking to establish their presence in Raleigh.The post on Connect CRE discusses Crescent Real Estate’s acquisitionofMidtownPlazaforarecord-breaking$132milliondealinRaleigh’shighlycompetitiveoffice market.
