CBRE Facilitates NC Office Building Sale

Executive Vice President Ben Kilgore, Financial Analyst Chandler Hawkins and Senior Marketing Specialist Leslie Holmes spearheaded the transaction on behalf of the seller, Albany Road Real Estate Partners.
2610 Wycliff Road. Image courtesy of CBRE

Albany Road Real Estate Partners has sold a 174,014-square-foot office building in Raleigh, N.C. The buyer was New York-based Alvarez & Marsal Property Investments. The asset last traded in 2015 for $23.6 million, Yardi Matrix data shows.

CBRE|Raleigh Executive Vice President Ben Kilgore, Financial Analyst Chandler Hawkins and Senior Marketing Specialist Leslie Holmes represented the seller in the transaction. 

Located at 2610 Wycliff Road, the five-story building features common-area amenities such as on-site café, conference facilities and a recently renovated fitness center. Per Yardi Matrix, the 1970-built asset underwent extensive renovations in 1996, 2007 and 2013. The tenant roster includes General Dynamics, Dewberry Engineering and HPE. 

“The sale of 2610 Wycliff Road attracted a wide range of regional, U.S. and foreign capital sources, signifying the continued attraction that investment capital has to the Triangle and Raleigh in particular,” Kilgore said in a prepared statement. 

The property is close to both dining options and residential properties, the Lake Boone Trail and Interstate 440, while downtown Raleigh is less than 7 miles away. Last month, another CBRE team that included Kilgore brokered the $23.2 million disposition of a 265,000-square-foot portfolio in Greensboro, N.C.

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