American Airlines Call Center Building Changes Hands

Albany Road Real Estate Partners is now the new owner of a premier office building located at 500 Gregson Drive in Cary.

CBRE|Raleigh has completed the sale of 500 Gregson Drive in Cary, NC to Albany Road Real Estate Partners of Nashville, Tenn. and Boston, Mass.

500 Gregson Drive in Cary, NC

500 Gregson Drive in Cary, NC

Ben Kilgore, executive vice president with CBRE|Raleigh, and Frank Baird, CEO of Capital Associates, led the sale on behalf of the seller, MacGregor American LLC. Financial terms were not disclosed.

500 Gregson Drive is a single-story office facility that was originally developed as a build to suit site for a major American Airlines call center. The property sits on 24.8 acres of land, and offers a total of 105,849 square feet.

Located within the pine-shaded MacGregor Park, the facility is surrounded by surface parking for as many as 1,200 cars, which translates into a parking ratio of more than 10 spaces per one thousand square feet.

“500 Gregson Drive is Albany Road Real Estate’s initial investment in Raleigh and the Triangle marketplace,” Ben Kilgore with CBRE|Raleigh said in prepared remarks. “The prime location, unsurpassed credit tenancy with American Airlines and the above market parking are almost impossible to find in the Triangle today, as well as almost impossible to duplicate in this location due to the increasing cost of suitable land sites.  We are excited to have Albany Road in the market and look forward to working with them to increase their investment in the region.”

Image via CBRE