Dominium Realty, Prudential Open Rare Speculative Office Development in Downtown Raleigh

Charter Square, an 11-story speculative office building at the south end of Fayetteville Street in downtown Raleigh, officially opened.

Charter Square in RaleighCharter Square, an 11-story speculative office building at the south end of Fayetteville Street in downtown Raleigh, has officially opened.

The development team, a joint venture between locally-based Dominion Realty Partners and equity partner Prudential Real Estate Investors, held a ribbon cutting ceremony for the project on June 17.

The event opened with a prayer that honored the lives of the three construction workers who died in a scaffolding collapse incident at the site in March. Also, three stars were added to the front entrance wall plaque on the tower in honor of these men.

According to the Triangle Business Journal, the $63 million high-rise could become the first privately-owned building in downtown Raleigh to achieve the LEED Platinum certification for energy efficiency.

So far, only two state-owned facilities in the city’s downtown area have achieved this level of certification: the N.C. DENR office building in 2013 and the Nature Research Center in 2014. For its interior commercial space, Cherokee Investment Partners also achieved platinum-level certification in 2007.

Construction on the 243,000-square-foot Charter Square tower began on a speculative basis in March 2014. The building is currently 56 percent leased, with law firm Womble Carlyle Sandridge & Rice as its anchor tenant. The firm will occupy between 43,000 and 45,000 square feet. Other tenants include Dominion Realty Partners, which has already moved in on the second floor, HDR Engineers, CBRE-Raleigh, JDavis Architects, Intelligent Office and Industrious. In the coming months, Raleigh Yadkin Bank will occupy a portion of the building’s street-level retail space, while Raleigh-based Eschelon Experiences is planning to open a new restaurant here in 2016.

This project is rare for the Triangle, since very few speculative developments have opened in the region since 2008. DTZ Research, however, shows that office vacancy in the downtown Raleigh market is less that 8 percent, one of the lowest in the Trangle.

Photo credits: JDavis Architects