{"id":1004504128,"date":"2021-01-14T04:20:14","date_gmt":"2021-01-14T12:20:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004504128"},"modified":"2021-02-09T06:35:52","modified_gmt":"2021-02-09T14:35:52","slug":"barings-the-fallon-co-recap-raleigh-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/barings-the-fallon-co-recap-raleigh-office-project\/","title":{"rendered":"Barings, The Fallon Co. Recap Raleigh Office Project"},"content":{"rendered":"
\"Barings<\/a>

301 Hillsborough. Image courtesy of Barings<\/em><\/p><\/div>\n

The Fallon Co. and Barings have closed a joint venture for the recapitalization of 301 Hillsborough, the trophy office project<\/a> within Fallon’s mixed-use Raleigh Crossing development in downtown Raleigh, N.C.<\/p>\n

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READ ALSO<\/strong>: CMBS Performance Stable For Now: KBRA<\/a><\/p>\n

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The partners have not disclosed the financial terms of the joint venture. However, when Fallon broke ground on the approximately 280,400-square-foot tower in the summer of 2019, the Downtown Raleigh Alliance listed the building’s development cost as $160 million.<\/p>\n

Located at 301 Hillsborough St., 301 Hillsborough constitutes the initial phase of Raleigh Crossing, which will consist of three towers rising from a parking podium and retail base. With the assistance of exclusive leasing agent CBRE, the 19-story office building landed Pendo as its first tenant in a spring 2019 prelease agreement for 125,000 square feet, or 45 percent of the space. The state-of-the-art, Duda Paine Architects-designed structure will also feature more than 12,000 square feet of street-level retail space, a host of coveted amenities, smart building systems and green design elements.<\/p>\n

Fallon and Barings have partnered on projects in the past and this time around, Barings found 301 Hillsborough an ideal fit for its value-add real estate investment strategy that centers on market locations bolstered by a highly educated workforce and a substantial STEM employer presence<\/a>. The recapitalization comes as the construction of 301 Hillsborough reaches 50 percent completion.<\/p>\n

Recapitalization trending<\/strong><\/h2>\n

Some experts saw it coming in 2020. “We predicted rising interest in recapitalizations and a subsequent increase in recap transaction volume in the years ahead, and the pandemic seems to have given that call a boost as well,” according to advisory firm Park Madison Partners’ 2021 outlook report. Notable transactions in the fourth quarter include Spear Street Capital’s recapitalization of the 856,600-square-foot Arborcrest Corporate Campus in Blue Bell, Pa., with the $225 million sale of a 90 percent stake<\/a> in the life science asset to Sidra Capital. Additionally, Columbia Property Trust Inc. and Allianz Real Estate partnered on the recapitalization<\/a> of the 381,000-square-foot office building at 221 Main St. in San Francisco in a deal that valued the asset at $400 million.<\/p>\n

It appears 2021 will have no shortage of recap activity. “Real estate private fundraising will pick up, with recapitalizations and longer-life vehicles gaining in popularity,” according to the Park Madison report.<\/p>\n","protected":false},"excerpt":{"rendered":"

The trophy tower will be part of the mixed-use Raleigh Crossing project downtown.<\/p>\n","protected":false},"author":969,"featured_media":1004504185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21752,21742,21747,1604],"tags":[34275,32789,38601,35546,45779,36642],"class_list":["post-1004504128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-mixed-use","category-latest","category-office","category-raleigh-durham","tag-barings","tag-cbre","tag-dudapaine-architects","tag-park-madison-partners","tag-pendo","tag-the-fallon-company"],"acf":[],"yoast_head":"\nBarings, The Fallon Co. 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