In challenging times, it is important to exercise caution. A 265,000-square-foot building in the Hub RTP development will not begin construction until at least 30 percent of the space is preleased.
According to Triangle Business Journal, Longfellow Real Estate Partners plans to construct an eight-story lab and office building on Davis Drive and Sancar Way in Raleigh-Durham-Chapel Hill area. The project, named Via, has received all necessary permits but Longfellow aims to secure tenants before fully financing the development.
Construction is expected to commence within a year with an estimated timeline of 18-20 months for completion.
Although no leases have been signed yet for Via, there has been interest from potential tenants. With offices in Boston and Triangle region, Longfellow believes that some clients from their other buildings may be interested in expanding into this new space at Hub RTP.
