Align Technology Takes 60 KSF in New Triangle Office Property
- Dec 28, 2016
Raleigh, N.C.—Align Technology has signed a 60,000-square-foot lease at Forty540, a new five-story office property in Raleigh, N.C., with the building’s owners, Federal Capital Partners and Strategic Capital Partners.
“FCP is excited to welcome Align Technology as the first tenant at Forty540, where they will enjoy a highly visible location in the Triangle’s largest submarket,” Bryan Kane, FCP’s senior vice president, said in a prepared release. “We are confident technology and corporate tenants will continue to be attracted to the building due to its central location, amenities and efficient 41,000-square-foot floor plates.”
Forty540 features a social hub with dining options, a fitness center and outdoor seating areas and will deliver in March 2017. The 200,000-square-foot office development is located at the intersection of interstates 40 and 540, in the RTP/I-40 submarket.
With the deal, the project is now 30 percent leased with 140,000 square feet of contiguous upper floor space still available. Align Technology will take a portion of the first and all of the second floors of the new building.
CBRE/Raleigh’s Edward Pulliam, Brad Corsmeier and Lee Clyburn represented the owners in the transaction, while CBRE/Raleigh’s Jason High represented the tenant.
The Research Triangle Park/I-40 office submarket is the region’s largest, with about 9.2 million square feet. The market’s vacancy rate was hovering around 16 percent for most of 2016, but Class A space was considerably lower.
Image courtesy of Strategic Capital Partners