Mapletree Signs Lenovo to 500 KSF Lease
The global technology company is investing $77 million in its new manufacturing space.
Lenovo, which has its U.S. headquarters in the Research Triangle Park in Morrisville, N.C., continues to expand its presence in the Tar Heel State with the leasing of a 520,583-square-foot industrial building owned by Mapletree Investments near Greensboro, N.C.
The Beijing-based global technology company is investing $77 million in the facility where it will manufacture servers for data centers and create more than 400 new jobs. Once operational, the project is expected to support the rising data center demand across the U.S.
Lenovo will continue operations at its nearby fulfillment center and manufacturing facility, also located in Whitsett, N.C. The Mapletree property is located at 6550 Judge Adams Road in Rock Creek Center, 1,400-acre master-planned industrial park in the Piedmont Triad region. Under the long-term lease, Lenovo will rent 509,393 square feet for warehouse space and 11,190 square feet of office space. Lenovo will lease the building for 10 years with two five-year renewal options, according to the Triad Business Journal.
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Executive Vice President Greg Wilson of CBRE represented Mapletree in the transaction. Executive Vice Presidents Jason High and Dodson Schenck of CBRE represented Lenovo.
North Carolina roots
The Guilford County Board of Commissioners unanimously approved a $1.1 million economic incentives package in September for Lenovo’s expansion at 6550 Judge Adams Road. The board cited Lenovo’s long history in North Carolina when it agreed to the package. The company, which has been operating its Whitsett fulfillment center since 2007, currently has more than 3,000 employees in the state. In June 2013, Lenovo also began producing personal computers at the Whitsett site, adding 115 jobs at the time. It was the company’s first PC production facility in the U.S.
Lenovo has more than 30 manufacturing locations in 11 different markets around the world. The company had considered other U.S. sites for the new plant, including in Dallas; Memphis, Tenn.; and Canton, Ohio, The Times News reported.
The asset is held under Mapletree US Logistics Private Trust, a closed-end private fund comprising a portfolio of 154 freehold logistics properties spanning 19 states.
In addition to the Whitsett asset, Mapletree owns and manages approximately 1.6 million square feet of industrial assets across North Carolina. Mapletree, a Singapore-based global real estate development, investment, capital and property management company, acquired the industrial property in September 2021 for $51.2 million from Link Logistics, according to Yardi Matrix data. Link Logistics paid $26.4 million for the site in July 2017, the same source shows.
Closer look at Whitsett site
The property has convenient access to Interstates 40 and 85, offering connectivity to major transportation routes, including highways, ports and the Piedmont Triad International Airport. The site is 13 miles from Greensboro.
Built in 2003 on 29.4 acres, 6550 Judge Adams Road has a 28-foot clear height, 6-inch floor, 40-foot by 40-foot column spacing, 50-foot by 50-foot staging bays, 55 dock-high doors, two drive-in doors, LED lighting and ESFR sprinkler system. The property also features a 185-foot north truck court and 168-foot south truck court.
Businesses that previously occupied the building include a clothing and home furnishings company and a corrugated paper company, according to a Mapletree spokesperson.
Mapletree moves
Since entering the U.S. real estate market in 2014, Mapletree has built a diverse portfolio consisting of logistics, data center, office, student housing and multifamily properties. The company’s U.S. logistics portfolio currently totals more than 66 million square feet.
In October, Mapletree broke ground on two industrial properties in metro Chicago. One of the projects is at 3600 Houbolt Road in Joliet, Ill., while the second one is at 1360 Schiferl Road in Bartlett, Ill. Both projects are expected to come online in the summer of 2026.
A month earlier, Mapletree acquired a 29.4-acre site in Joliet, where it plans to build a 418,800-square-foot logistics facility. Construction is scheduled to begin in the second quarter of 2026, with completion slated for early 2027.
In July, Mapletree sold a 2.4 million-square-foot industrial portfolio for $241.2 million to EQT Real Estate. The portfolio, which included 10 bulk warehouse properties in the Sun Belt, is close to growing innovation hubs in Florida, Georgia and Texas.
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