Dominion-Prudential JV Plans New, 105,000-Sq.-Ft., Wade Office Park Building in West Raleigh
- May 21, 2014
by Adriana Pop, Associate Editor
Dominion Realty Partners is planning the development of a third building at the Wade office park near PNC Arena in West Raleigh.
According to the Triangle Business Journal, construction on the four-story, 105,000-square-foot Wade III office facility could begin this summer and continue for about a year.
Dominion Realty’s equity partner in the project is Prudential Real Estate Investors, the owner of the office park. The park currently includes two four-story structures, and additional land available for the development of a total of five buildings. Last fall, Prudential acquired the property for $45.75 million from debt-laden Lichtin Corp.
Completed in 2008, the Wade I and II office facilities offer nearly 200,000 square feet of Class A leasable space and parking. The buildings were nearly 90 percent occupied at the end of the first quarter, the newspaper reports.
According to Andy Andrews, CEO of Dominion Realty Partners, Wade III, which has been designed by Rule Joy Trammell + Rubio, will be built to LEED Gold certification standards. The project’s general contractor is Choate Construction, while Piedmont Land Design is the civil engineer.
So far, the building’s only tenant is Avison Young, the leasing agent for the entire Wade office park. The commercial real estate firm will be taking up 12,000 square feet of space here.
Located near the intersection of Edwards Mill Road and Wade Avenue, the Wade office park is part of the Forty Wade mixed-use development, a 168-acre site that offers additional space for future retail/office/multi-family development, including 25 acres of natural landscaped areas. Other developments in the area include the Post Parkside at Wade apartments and the Inside Wade residential community.
The new partnership between Dominion Realty and Prudential Real Estate is in fact the third joint venture the two entities have formed in less than a year. The companies have also joined forces to build and finance the 236,000-square-foot Charter Square office tower in downtown Raleigh and the 294-unit Parkside Place apartment community in Cary, both of which are currently under construction.
Photo credits: Dominion Realty Partners