CAPTRUST Tower in Raleigh Sold for $98.4M

Newport Beach-based KBS Realty Advisors has acquired CAPTRUST Tower, a 300,389-square-foot office and retail building in the North Hills area of Raleigh, North Carolina for $98.4 million. KBS purchased the property from a joint venture partnership between the Indianapolis-based real estate investment trust Duke Realty and the Raleigh-based real estate development firm Kane Realty.

"CAPTRUST Tower is the best project in Raleigh and has leased faster and at higher rents than any other office project," said Charles Schreiber, chief executive officer of KBS Realty Advisors. "We've been focused on Raleigh and specifically CAPTRUST Tower due to the quality master-plan and the maturity of the mix of uses already in-place and planned."

CAPTRUST Tower at 4208 Six Forks Road is the first office high-rise to be built in the North Hills mixed-use development and is suburban Raleigh's tallest building. Within the 17-story building, there are nine stories of premier office space atop a 750-car parking structure designed over 26,000 square feet of retail space. Office space in the building totals almost 275,000 square feet. Developed by Duke Realty and Kane Realty in 2009, Kane will continue to have an ownership interest in the project through the joint-venture formed with KBS, according to a High Rise Facilities article. The property was 95% leased at the time of sale to 18 tenants, including CAPTRUST Financial Advisors, the American Board of Anesthesiology, Regus, RBC Capital Markets and other national and regional tenants.

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