{"id":1004153996,"date":"2016-09-29T21:47:27","date_gmt":"2016-09-30T05:47:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004153996"},"modified":"2020-05-12T22:37:53","modified_gmt":"2020-05-13T06:37:53","slug":"highwoods-properties-acquires-raleigh-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-acquires-raleigh-office-tower\/","title":{"rendered":"Highwoods Properties Acquires Raleigh Office Tower"},"content":{"rendered":"

By Adriana Pop<\/em><\/p>\n

Raleigh, N.C<\/strong>.\u2014Highwoods Properties<\/a> is the new owner of Charter Square, an 11-story, Class A, LEED platinum certified office building<\/a> in downtown Raleigh.<\/p>\n

\"Charter<\/a>

Charter Square in Raleigh, N.C.<\/p><\/div>\n

The company\u2019s total investment in the building, which encompasses 243,000 square feet, is expected to be $83.5 million, which includes $5.1 million of planned near-term building improvements and anticipated leasing capital expenditures to bring the property to stabilization.<\/p>\n

Dominion Realty Partners and equity partner Prudential Real Estate Investors delivered Charter Square in 2015<\/a>. The project, built as a speculative development<\/a>, is currently 70 percent leased<\/a>.<\/p>\n

Highwoods Properties estimates an annual cash and GAAP net operating income of approximately $6 million upon stabilization, which is projected to occur during 2018. The company noted that $0.3 million of acquisition costs will be expensed in the third quarter.<\/p>\n

No debt was assumed in connection with this transaction, which brings Highwoods\u2019 portfolio to 913,000 square feet of office space in Raleigh\u2019s central business district (CBD), one of the city’s best business districts, and a development site that can support up to 300,000 square feet of Class A office space.<\/p>\n

The company’s CBD Raleigh portfolio is concentrated within three city blocks and includes a combined parking ratio of 2.5 per 1,000 square feet, well above the competitive set at approximately 1.5 per 1,000 square feet. On a combined basis, the company’s total investment in its CBD Raleigh buildings is $251 million, which equates to $275 per square foot, an approximately 30 percent discount to the estimated replacement cost.<\/p>\n

“In the heart of downtown and very close to our existing buildings, Charter Square is an excellent addition to our portfolio that further strengthens our franchise in CBD Raleigh. Our three building, downtown portfolio is 100 percent wholly owned and 100 percent unencumbered,\u201d stated Ed Fritsch, president & CEO of Highwoods. “In addition, we are very pleased with the leasing velocity next door to Charter Square at our One City Plaza property (formerly One Bank of America Plaza), and we expect to capitalize on that strong leasing momentum at Charter Square. Lastly, we are 100 percent occupied at PNC Plaza.”<\/p>\n

Image courtesy of Charter Square<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The investment in the acquisition and renovation of the 11-story Charter Square development amounts to $83.5 million.<\/p>\n","protected":false},"author":260,"featured_media":1004153997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1604],"tags":[],"class_list":["post-1004153996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-raleigh-durham"],"acf":[],"yoast_head":"\nHighwoods Properties Acquires Raleigh Office Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-acquires-raleigh-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Highwoods Properties Acquires Raleigh Office Tower\" \/>\n<meta property=\"og:description\" content=\"The investment in the acquisition and renovation of the 11-story Charter Square development amounts to $83.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-acquires-raleigh-office-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-30T05:47:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-13T06:37:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Charter-Square-Building-Fayetteville-Street-Raleigh..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"470\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-properties-acquires-raleigh-office-tower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-properties-acquires-raleigh-office-tower\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"Highwoods Properties Acquires Raleigh Office Tower\",\"datePublished\":\"2016-09-30T05:47:27+00:00\",\"dateModified\":\"2020-05-13T06:37:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-properties-acquires-raleigh-office-tower\\\/\"},\"wordCount\":359,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-properties-acquires-raleigh-office-tower\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/09\\\/Charter-Square-Building-Fayetteville-Street-Raleigh..jpg\",\"articleSection\":[\"Deals\",\"Investment\",\"News\",\"Office\",\"Raleigh-Durham\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-properties-acquires-raleigh-office-tower\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-properties-acquires-raleigh-office-tower\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-properties-acquires-raleigh-office-tower\\\/\",\"name\":\"Highwoods Properties Acquires Raleigh Office Tower - 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