Joint Venture Buys 645,000 SF Office Park in Raleigh, Plans $100M Renovation
RALEIGH, N.C. — A joint venture between Starwood Capital Group, Trinity Capital Advisors and Vanderbilt Partners has purchased Park Point at Research Triangle Park, a 645,000-square-foot office park in Raleigh. The sales price was not disclosed, though the new owners plan to invest more than $100 million in renovating and repositioning the 95-acre park, which includes office, industrial and lab space, to offer creative office space. Indoor renovations include expanding ceiling heights between 19 and 24 feet and installing a concrete floor on an atrium. Plans to reposition the property include creating 300,000 square feet of indoor and outdoor gathering areas, athletic fields, walking trails, onsite food service, a fitness center and training and conference facilities. Redevelopment of the existing site will begin immediately, and tenants will be able to occupy their spaces as early as second-quarter 2020. William Allen of Trinity Partners will lead leasing efforts. CBRE|Raleigh’s Ben Kilgore, Patrick Gildea in CBRE’s Charlotte office and Will Yowell in the firm’s Atlanta office represented the seller, an affiliate of Zurich Alternative Asset Management, in the transaction.