{"id":1004246987,"date":"2018-08-02T22:55:48","date_gmt":"2018-08-03T06:55:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004246987"},"modified":"2022-12-08T11:25:29","modified_gmt":"2022-12-08T19:25:29","slug":"pac-buys-downtown-raleigh-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/","title":{"rendered":"Preferred Apartment Communities Buys NC Office Tower"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004246990\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004246990\" data-attachment-id=\"1004246990\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/wells-fargo-capitol-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg\" data-orig-size=\"410,308\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Wells Fargo Capitol Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Wells Fargo Capitol Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg?w=410\" class=\"wp-image-1004246990 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg 410w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004246990\" class=\"wp-caption-text\">Wells Fargo Capitol Center<\/p><\/div>\n<p>Preferred Apartment Communities has acquired Wells Fargo Capitol Center, a roughly 560,000-square-foot,&nbsp;Class A office tower in downtown Raleigh, N.C. The buyer completed the purchase through one of its subsidiaries, Preferred Office Properties. According to Yardi Matrix data, HighBrook Investors was the seller.<\/p>\n<p>New York Life Insurance Co. facilitated the transaction with roughly $114.4 million in acquisition financing. The non-recourse mortgage bears a 10-year term, a 4.27 percent fixed-rate per year and amortizes beginning in year three based on a 30-year schedule.<\/p>\n<h2>Notable tenancy&nbsp;<\/h2>\n<p>Located at 150 Fayetteville St., in the city\u2019s central business district, Wells Fargo Capital Center was completed in 1990 and underwent an expansive renovation program in 2002. The 29-story building serves as the regional headquarters of Wells Fargo Bank and features a conference facility, fitness center and a private dining club, City Club Raleigh. Other tenants include Deloitte, Tharrington Smith, Subway and AT&amp;T.<\/p>\n<p><em>\u201cWells Fargo Capitol Center presents a unique blend of stability from its existing rent roll and upside potential from a strong local market and the opportunity through repositioning to once again be the premier downtown Raleigh business address,&#8221;<\/em>&nbsp;said Boone DuPree, chief executive officer of Preferred Office Properties, in prepared remarks.<\/p>\n<p>The deal marks Preferred Office Properties\u2019 first North Carolina acquisition. Earlier this year, <a href=\"https:\/\/www.commercialsearch.com\/news\/pac-nabs-4-office-assets-in-atlanta\/\">PAC bought Armour Yards<\/a>, a development containing four recently converted office buildings in Atlanta\u2019s Buckhead submarket.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The buyer completed the acquisition of Wells Fargo Capitol Center in Raleigh through its subsidiary, Preferred Office Properties. New York Life Insurance Co. provided the financing.<\/p>\n","protected":false},"author":240,"featured_media":1004246990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,21747,1604],"tags":[37041,36276,33087],"class_list":["post-1004246987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-office","category-raleigh-durham","tag-highbrook-investment-management","tag-new-york-life-insurance-company","tag-preferred-apartment-communities-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Preferred Apartment Communities Buys NC 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\/pac-buys-downtown-raleigh-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preferred Apartment Communities Buys NC Office Tower\" \/>\n<meta property=\"og:description\" content=\"The buyer completed the acquisition of Wells Fargo Capitol Center in Raleigh through its subsidiary, Preferred Office Properties. New York Life Insurance Co. provided the financing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-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=\"2018-08-03T06:55:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:25:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"410\" \/>\n\t<meta property=\"og:image:height\" content=\"308\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\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\/pac-buys-downtown-raleigh-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/\",\"name\":\"Preferred Apartment Communities Buys NC Office Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg\",\"datePublished\":\"2018-08-03T06:55:48+00:00\",\"dateModified\":\"2022-12-08T19:25:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg\",\"width\":410,\"height\":308,\"caption\":\"Wells Fargo Capitol Center\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Preferred Apartment Communities Buys NC Office Tower\"}]},{\"@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\/f58a713dcbdcb5aab2648af2aa04d6ae\",\"name\":\"Timea-Erika Papp\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g\",\"caption\":\"Timea-Erika Papp\"},\"description\":\"Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. She has been working in the real estate industry since 2011.\",\"sameAs\":[\"timea-erika.papp@cpe-mhn.com\"],\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/timeaerikapapp\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Preferred Apartment Communities Buys NC Office Tower - 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\/pac-buys-downtown-raleigh-office-tower\/","og_locale":"en_US","og_type":"article","og_title":"Preferred Apartment Communities Buys NC Office Tower","og_description":"The buyer completed the acquisition of Wells Fargo Capitol Center in Raleigh through its subsidiary, Preferred Office Properties. New York Life Insurance Co. provided the financing.","og_url":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-08-03T06:55:48+00:00","article_modified_time":"2022-12-08T19:25:29+00:00","og_image":[{"width":410,"height":308,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg","type":"image\/jpeg"}],"author":"Timea-Erika Papp","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\/pac-buys-downtown-raleigh-office-tower\/","url":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/","name":"Preferred Apartment Communities Buys NC Office Tower - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg","datePublished":"2018-08-03T06:55:48+00:00","dateModified":"2022-12-08T19:25:29+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg","width":410,"height":308,"caption":"Wells Fargo Capitol Center"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/pac-buys-downtown-raleigh-office-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Preferred Apartment Communities Buys NC Office Tower"}]},{"@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\/f58a713dcbdcb5aab2648af2aa04d6ae","name":"Timea-Erika Papp","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1abbd000efb56bab071b49e7aa22c0d49e96fb0374efdef0909c7744785579a7?s=96&d=mm&r=g","caption":"Timea-Erika Papp"},"description":"Timea is a senior writer covering CRE marketing, tech and real estate trends, as well as industry news in the U.S. Timea was previously a senior associate editor at Multi-Housing News and Commercial Property Executive and has an academic background in law. She has been working in the real estate industry since 2011.","sameAs":["timea-erika.papp@cpe-mhn.com"],"url":"https:\/\/www.commercialsearch.com\/news\/author\/timeaerikapapp\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Wells-Fargo-Capitol-Center.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004246987","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\/240"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004246987"}],"version-history":[{"count":7,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004246987\/revisions"}],"predecessor-version":[{"id":1004247179,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004246987\/revisions\/1004247179"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004246990"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004246987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004246987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004246987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}