{"id":1004208611,"date":"2018-02-28T05:09:14","date_gmt":"2018-02-28T13:09:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208611"},"modified":"2022-12-09T01:10:49","modified_gmt":"2022-12-09T09:10:49","slug":"trophy-high-rise-campus-in-raleigh-commands-135m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/","title":{"rendered":"Trophy Office Campus in Raleigh Commands $135M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Interior<\/a>

Interior common area at Lenovo Enterprise Campus<\/p><\/div>\n

Sentinel Real Estate has acquired the three-building Lenovo Enterprise Campus in Raleigh, N.C.\u2019s Research Triangle Park, from 90 North Real Estate Partners, for $135.3 million.<\/p>\n

\u201cThe appeal of the Lenovo Enterprise Campus, both our investment in and sale of it, was the presence of a long-term lease with a quality tenant that is investing and growing,\u201d <\/em>Dan Cooper, 90 North\u2019s head of North American operations, told Commercial Property Executive. \u201cAdditionally, it represents a highly-sought after campus setting in a market that is one of the most successful tech sectors in the country.\u201d<\/em><\/p>\n

The sale marks the London-based 90 North Real Estate Partners\u2019 first disposition in the U.S. It was four years ago when the company made its entry into the U.S. market with $750 million to invest. Since June 2012, the firm has closed approximately $1.3 billion in real estate transactions, working with its equity partners.<\/p>\n

The 90 North-led partnership, which included Dubai-based Arzan Wealth<\/a>, acquired the Lenovo Enterprise Campus in February 2015 for $127 million.<\/p>\n

Impressive features<\/h2>\n

The property consists of three buildings:\u00a07001 Development Drive, a four-story, 193,352-square-foot building completed in 1995;\u00a08001 Development Drive, a four-story, 252,232-square-foot building completed in 1998; and\u00a07501 Development Drive, a two-story, 39,952-square-foot building finished in 2017.<\/p>\n

On-site amenities at the campus include a cafeteria and food-service operations, a fitness center, outdoor patios, a new conference facility and employee break rooms. An attractive pedestrian bridge links the buildings and offers convenient access to the amenities located within each building. There are also two parking areas large enough for nearly 1,920 automobiles.<\/p>\n

The entire campus is spread across 67 acres and boasts outdoor amenities such as an employee recreation area that features a sand volleyball court and basketball court, while offering easy access to a nearby five-acre lake and a 16-acre nature preserve with extensive walking and jogging trails.<\/p>\n

The site has sufficient land to accommodate an additional 100,000-square-foot building, which could be used in the future for further expansion by Lenovo, or to accommodate a complementary space user.<\/p>\n

The tenant recently gained approval for a $7.5 million solar array project involving an expansive covered parking and roof-mounted solar array.\u00a0<\/p>\n

\u201cThere are many variables to consider with a sale, not least of which is our investment partner\u2019s holding strategy,\u201d Cooper said. \u201cClearly, we also look at market trends in pricing, interest rates, financing, tenant business etc. All factors considered and driven by our business plan to review the asset and either sell with at least 10 years of lease term or hold longer term, we determined now was the appropriate time to sell.\u201d<\/em><\/p>\n

According to Cooper, the company\u2019s key investment strategy is to identify properties with long-term, trophy credit tenants, in a growth sector and to look for key property fundamentals that will be present for the lifecycle of a property, allowing multiple exit points while maintaining an excellent distribution to its investors.\u00a0<\/p>\n

\u201cWe took it to market and liked the buyer, Sentinel, and their approach, so we sold,\u201d <\/em>he said. \u201cWe would have been happy to own another 10 years too; there is always a fascinating, internal debate to hold or sell quality assets like the Lenovo Enterprise Campus.\u201d<\/em><\/p>\n

Raleigh is consistently ranked as one of the top U.S. markets by Forbes and PWC for quality of life, education, workforce and weather. Plus, the Research Triangle Park (RTP) is a life sciences hub and key location for top companies.\u00a0<\/p>\n

Continuing to invest<\/strong><\/h2>\n

The\u00a0company used the money from the sale to pay off the loan and distribute the proceeds to investors.<\/p>\n

\u201cHowever, we are actively seeking new deals across the U.S. that are similar in scope to the Lenovo Enterprise Campus and some of the other high-profile acquisitions we\u2019ve made over the last 18 months or so,\u201d<\/em> Cooper said.<\/p>\n

Earlier this month, Sentinel acquired 91 Glendale, a 106,000-square-foot office property in Glendale<\/a>, Ariz.\u00a0<\/p>\n

Image courtesy of 90 North Real Estate Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The sale of the three-building Lenovo Enterprise Campus in the Research Triangle Park marks 90 North Real Estate Partners\u2019 first disposition in the U.S.<\/p>\n","protected":false},"author":451,"featured_media":1004208654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1604],"tags":[39222,39221,39223,36416],"class_list":["post-1004208611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-raleigh-durham","tag-90-north-group","tag-arzan-wealth","tag-daniel-cooper","tag-sentinel-real-estate"],"acf":[],"yoast_head":"\nTrophy Office Campus in Raleigh Commands $135M - 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\/trophy-high-rise-campus-in-raleigh-commands-135m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trophy Office Campus in Raleigh Commands $135M\" \/>\n<meta property=\"og:description\" content=\"The sale of the three-building Lenovo Enterprise Campus in the Research Triangle Park marks 90 North Real Estate Partners\u2019 first disposition in the U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/\" \/>\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=\"2018-02-28T13:09:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:10:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/\",\"name\":\"Trophy Office Campus in Raleigh Commands $135M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg\",\"datePublished\":\"2018-02-28T13:09:14+00:00\",\"dateModified\":\"2022-12-09T09:10:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg\",\"width\":800,\"height\":620,\"caption\":\"Interior common area at Lenovo Enterprise Campus\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Trophy Office Campus in Raleigh Commands $135M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\",\"name\":\"Keith Loria\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g\",\"caption\":\"Keith Loria\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Trophy Office Campus in Raleigh Commands $135M - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/","og_locale":"en_US","og_type":"article","og_title":"Trophy Office Campus in Raleigh Commands $135M","og_description":"The sale of the three-building Lenovo Enterprise Campus in the Research Triangle Park marks 90 North Real Estate Partners\u2019 first disposition in the U.S.","og_url":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-02-28T13:09:14+00:00","article_modified_time":"2022-12-09T09:10:49+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg","type":"image\/jpeg"}],"author":"Keith Loria","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/","url":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/","name":"Trophy Office Campus in Raleigh Commands $135M - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg","datePublished":"2018-02-28T13:09:14+00:00","dateModified":"2022-12-09T09:10:49+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg","width":800,"height":620,"caption":"Interior common area at Lenovo Enterprise Campus"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/trophy-high-rise-campus-in-raleigh-commands-135m\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Trophy Office Campus in Raleigh Commands $135M"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f","name":"Keith Loria","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c971a04cf612cbf81bf5ac2e5ca5dfe85c32fa0d44d16ce044eee3b59755107d?s=96&d=mm&r=g","caption":"Keith Loria"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/keith-loria\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Interior-common-area-at-Lenovo-Enterprise-Campus.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004208611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/451"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004208611"}],"version-history":[{"count":6,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004208611\/revisions"}],"predecessor-version":[{"id":1004208725,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004208611\/revisions\/1004208725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004208654"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004208611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004208611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004208611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}