Work Begins on Final Wade Park Office Building in Raleigh
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Developer Dominion Realty Partners has once again teamed up with Prudential Global Investment Management for the construction of Wade V, which will take some 20 months to complete.
By Laura Calugar
Dominion Realty Partners has broken ground on Wade V, the final piece of Wade Office Park in Raleigh, N.C. This is the third time the company partners with Prudential Global Investment Management for the development of an office building in the park. Upon completion, Wade V will feature 209,145 square feet.
Located in the West Raleigh submarket, the building will be minutes from interstates 40 and 440, offering easy access to downtown Raleigh, Raleigh-Durham International Airport and Research Triangle Park. In line with the design of Wade III and IV, the exterior of Wade V will have a glass, brick, pre‐cast and metal skin. The building will also feature a 690-space parking deck.
The six-story office building has been designed to achieve LEED Gold certification, exactly like the previous two assets that Dominion built in the office park. The new office building is expected to be delivered in late spring of 2020. Dominion Realty will be in charge of on-site management.
“This will be our third speculative development at the Wade Park, something you don’t hear very often in this market. Wade III & Wade IV were both speculative developments, but with great leasing velocity both of those buildings and the larger Wade Office Park are now stabilized,” said Dominion Realty Partners CEO Andy Andrews IV, in prepared remarks.
Regions Bank will provide construction financing for the project, while Rule Joy Trammell + Rubio is the architectural design firm, Choate Construction acts as the general contractor, Piedmont Land Design is the civil engineer and Avison Young leads the landlord’s leasing team.
Dominion Realty continues to expand its Carolinas footprint. Recently, in a joint venture with Blue Vista Capital Management, the company acquired Synergy Business Park, an office park in the St. Andrews submarket of Columbia, S.C.
Image courtesy of Dominion Realty Partners