Accesso Inks 40 KSF at Raleigh-Area Office Property

Engineering firm Kimley-Horn has signed a nearly 40,000-square-foot lease at Accesso Partners’ Weston I, a 212,000-square-foot office property in Cary, N.C. CBRE represented the ownership in the lease signing, while Savills worked on behalf of the tenant.

Located at 1001 Winstead Drive, Weston I is part of Weston Parkway, a master-planned, mixed-use business park. Accesso Partners acquired Weston I and Weston II in 2018 in a portfolio transaction, according to the company. Capital Associates sold the two assets for a combined total of $73 million.

The newly renovated Weston I

Completed in 1987, Weston I consists of two office buildings across a 15-acre site. Rising six, respectively five stories, the buildings feature average floorplates of approximately 44,000 square feet.

K&A Engineering, Contiem Inc., Hall & Burns Wealth Management LLC and Sysdig are some of the tenants at Weston I, Yardi Matrix data shows. The property recently underwent renovations worth $6.5 million, which aimed to deliver a new outdoor patio, tenant lounge and fitness center, as well as upgrade the lobby and common areas.

The asset is near Interstate 40, some 5 miles south of the Raleigh-Durham International Airport and within 20 miles of Duke University and University of North Carolina-Chapel Hill.

CBRE Executive Vice Presidents Brian Carr and Brad Corsmeier worked on behalf of Accesso in the transaction, while Savills Executive Vice President Tucker Shade and Managing Director Ben Onderdonk represented Kimley-Horn.

As of May, the national vacancy rate stood at 19.4 percent, down 30 basis points from the previous month, but up 160 basis points year-over-year, according to the latest Yardi Matrix office report. During the same month, full-service equivalent listing rates across the U.S. averaged $33.15 per square foot, reflecting a 19 percent drop from April, but 4.8 percent up compared to the same period last year.