{"id":1004562439,"date":"2022-01-03T05:05:22","date_gmt":"2022-01-03T13:05:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004562439"},"modified":"2022-12-08T01:58:05","modified_gmt":"2022-12-08T09:58:05","slug":"city-office-reit-enters-raleigh-with-330m-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-office-reit-enters-raleigh-with-330m-buy\/","title":{"rendered":"City Office REIT Enters Raleigh With $330M Buy"},"content":{"rendered":"
\"\"<\/a>

Tower Two at Bloc 83. Rendering courtesy of Heritage Properties<\/p><\/div>\n

City Office REIT Inc. has closed on its first North Carolina property with the purchase of Bloc 83, a two-building, 494,000-square-foot office property in downtown Raleigh, N.C. Original developer Heritage Properties pocketed $330 million for the office complex.<\/p>\n

First to come online in 2019, the $86 million 1 Glenwood Ave. comprises 227,500 square feet and was 93 percent leased at the time of the sale. The property is anchored by WeWork, which signed an 81,032-square-foot commitment for floors three through five in 2017, a deal that marked the shared office provider\u2019s debut in Raleigh.<\/p>\n

The 271,500-square-foot, $108 million second building at 621 Hillsborough St. opened in 2021. Also known as Tower Two, the property held a 67 percent occupancy rate upon its lease-up phase, with Envestnet as anchor tenant. M&T Bank backed the project with a $73.4 million construction loan<\/a>. Rising 10 stories, the tower was designed by prestigious architecture studio Gensler.<\/p>\n

The Class AA buildings are situated in the Glenwood South district and include street-level retail, a rooftop sky lounge, two fitness centers and a yoga studio.<\/p>\n

Other City Office deals<\/h2>\n

The REIT had a busy end of 2021, as it closed on two other purchases in the last month of the year. The company picked up The Terraces<\/a>, a 1.3 million square-foot mixed-use asset in Dallas, for $133.5 million. The LEED Gold certified property sold at $773 per square foot and was 99 percent leased at the time of sale.<\/p>\n

Just a few days prior to the trade, the REIT paid $150 million<\/a> for the 307,030-square-foot office component of Block 23 at CityScape in downtown Phoenix. The deal closed at $488.60 per square foot, a record price for the market in 2021. RED Development was the seller.<\/p>\n","protected":false},"excerpt":{"rendered":"

The newly constructed property is anchored by WeWork and Envestnet.<\/p>\n","protected":false},"author":739,"featured_media":1004491945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747,1604],"tags":[33789,33012,47129,33678],"class_list":["post-1004562439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office","category-raleigh-durham","tag-city-office-reit","tag-gensler","tag-heritage-properties","tag-wework"],"acf":[],"yoast_head":"\nCity Office REIT Enters Raleigh With $330M Buy - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"City Office REIT Inc. has closed on its first North Carolina property with the purchase of Bloc 83, a two-building, 494,000-square-foot office property in downtown Raleigh, N.C.\" \/>\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\/city-office-reit-enters-raleigh-with-330m-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City Office REIT Enters Raleigh With $330M Buy\" \/>\n<meta property=\"og:description\" content=\"City Office REIT Inc. has closed on its first North Carolina property with the purchase of Bloc 83, a two-building, 494,000-square-foot office property in downtown Raleigh, N.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/city-office-reit-enters-raleigh-with-330m-buy\/\" \/>\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=\"2022-01-03T13:05:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:58:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/11\/05.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"919\" \/>\n\t<meta property=\"og:image:height\" content=\"712\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\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\/city-office-reit-enters-raleigh-with-330m-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/city-office-reit-enters-raleigh-with-330m-buy\/\",\"name\":\"City Office REIT Enters Raleigh With $330M Buy - 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