{"id":1004653386,"date":"2023-03-27T07:14:56","date_gmt":"2023-03-27T15:14:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004653386"},"modified":"2023-03-28T21:59:11","modified_gmt":"2023-03-29T05:59:11","slug":"raleigh-based-fortune-500-company-reclaims-part-of-sublease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/raleigh-based-fortune-500-company-reclaims-part-of-sublease\/","title":{"rendered":"Raleigh-Based Fortune 500 Company Reclaims Part of Sublease"},"content":{"rendered":"<div id=\"attachment_1004653936\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004653936\" data-attachment-id=\"1004653936\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/raleigh-based-fortune-500-company-reclaims-part-of-sublease\/advance-auto-parts-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Advance-Auto-Parts-Tower-e1680013307774.jpg\" data-orig-size=\"3496,2676\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.2&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC220&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1674234406&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;4.73&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.00625&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Advance Auto Parts Tower\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Advance Auto Parts Tower. Image courtesy of Kane Realty Corp. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Advance-Auto-Parts-Tower-e1680013307774.jpg?w=1024\" class=\"wp-image-1004653936 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Advance-Auto-Parts-Tower-e1680013307774.jpg?w=300\" alt=\"Advance Auto Parts Tower\" width=\"300\" height=\"230\" \/><p id=\"caption-attachment-1004653936\" class=\"wp-caption-text\">Advance Auto Parts Tower. <em>Image courtesy of Kane Realty Corp.<\/em><\/p><\/div>\n<p>Aftermarket automotive parts provider and retailer <strong>Advance Auto Parts<\/strong> has taken off the market a one-floor, 30,000-square-foot portion of its 93,573-square-foot sublease at Advance Auto Parts Tower in Raleigh, N.C., the <em>Triangle Business Journal<\/em> reported. In 2021, the Fortune 500 company put up for sublease the 16th, 17th and 18th floors of the 20-story building, two of which landed tenants in 2022.<\/p>\n<p>Advance Auto Parts became the 328,600-square-foot Class A office tower\u2019s anchor tenant in 2019, with an original pre-lease comprising the building\u2019s 12th and 16th through 21st floors, totaling 218,000 square feet, with a terms set for the end of 2032.<\/p>\n<p>In 2021, the tenant made three floors available for sublease. Raleigh-based cloud computing and wireless networking services provider Relay committed to the 18th floor in mid-2022, while the 16th floor also gained another tenant.<\/p>\n<hr \/>\n<p><strong>READ ALSO:\u00a0<\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/a-closer-look-at-tech-layoffs-impact-on-office-leasing\/\"><span class=\"fl-heading-text\">A Closer Look at Tech Layoffs\u2019 Impact on Office Leasing<\/span><\/a><\/p>\n<hr \/>\n<p>Owned and operated by its developer, <strong>Kane Realty Corp.<\/strong>, Advance Auto Parts Tower came online in 2020 and comprises 11 office stories with 31,000-square-foot floor plates. <strong>Duda Paine<\/strong> &amp;<strong> SRSSA<\/strong> were the architects, while <strong>Brockette Davis Drake<\/strong> provided structural engineering services for the project. Onsite amenities include a fitness center, cafes, kitchen spaces and conference centers, 880 covered private parking spaces and 8,234 square feet of ground-floor retail space, according to CommercialEdge information.<\/p>\n<div id=\"attachment_1004653935\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004653935\" data-attachment-id=\"1004653935\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/raleigh-based-fortune-500-company-reclaims-part-of-sublease\/default-45\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg\" data-orig-size=\"2048,1536\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;1.7&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC3582&quot;,&quot;caption&quot;:&quot;default&quot;,&quot;created_timestamp&quot;:&quot;1662398960&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;6.72&quot;,&quot;iso&quot;:&quot;110&quot;,&quot;shutter_speed&quot;:&quot;0.0003125&quot;,&quot;title&quot;:&quot;default&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The North Hills skyline. Image courtesy of\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The North Hills skyline. Image courtesy of Kane Realty Corp. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg?w=1024\" class=\"wp-image-1004653935 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg?w=300\" alt=\"The North Hills skyline\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/North-Hills-Aerial.jpg?resize=1536,1152 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004653935\" class=\"wp-caption-text\">The North Hills skyline. <em>Image courtesy of Kane Realty Corp.<\/em><\/p><\/div>\n<p>Located at 4200 Six Forks Road in North Hills, the property is just off Interstate 440, while downtown Raleigh is 4 miles south. Research Triangle Park, home to one of the city\u2019s largest life science and office districts, is 14 miles away.<\/p>\n<h2>Office leasing in the City of Oaks<\/h2>\n<p>Economic headwinds, as well as changing needs for office work has greatly impacted sublease availability within the Raleigh-Durham market. At the end of 2022, more than 3 million square feet of space was available for sublease, marking a 7.7 percent increase quarter-over-quarter and up 46 percent year-over-year, according to a <a href=\"https:\/\/www.colliers.com\/en\/research\/raleigh\/2022-q4-raleigh-durham-office-report\" target=\"_blank\" rel=\"noopener\">fourth quarter report<\/a> from <strong>Colliers<\/strong>. At that point in time, the market had a vacancy rate of 12.8 percent, up 66 basis points since the previous quarter, the same source shows.<\/p>\n<p>Other high-profile leases around Raleigh include <span class=\"fl-heading-text\">Highwoods Properties<\/span>\u2019 headquarters relocation to <a href=\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-to-move-raleigh-hq-downtown\/\">Wells Fargo Capital Center<\/a> in the city\u2019s downtown area. Emblematic of the market\u2019s emergence as a life science research, development and manufacturing hub, bio manufacturing company TARGAN leased the entirety of the <a href=\"https:\/\/www.commercialsearch.com\/news\/targan-leases-new-raleigh-facility\/\">Midtown BioCenter<\/a>, a lab facility scheduled for completion in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2021, the tenant subleased more than 93,000 square feet of its total footprint at the recently constructed tower.<\/p>\n","protected":false},"author":3012,"featured_media":1004653936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,1604],"tags":[34164,51938,38601,38600,51937],"class_list":["post-1004653386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-raleigh-durham","tag-advance-auto-parts","tag-brockette-davis-drake","tag-dudapaine-architects","tag-kane-realty-corporation","tag-srssa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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