New Class A Tower Coming to Raleigh
- Dec 21, 2015
By Keith Loria, Contributing Editor
Kane Realty is developing Midtown Plaza, a 12-story Class A office tower located in North Hills, a 130-acre development in Midtown Raleigh, N.C.
The company secured a $66.7 million loan from arrangers led by SunTrust Bank to construct the 330,000-square-foot office building, with anchor tenant Allscripts taking most of the space.
“Allscripts will be taking 9 of the 12 floors, roughly 280,000 square feet, and we’ll fill the rest of the building with multiple tenants,” Jennings Glenn, Kane Realty’s CFO, told Commercial Property Executive. “We felt this was a great time to develop this project; obviously Allscrips was the driver behind the project, as they were consolidating some folks from different locations and they needed a new state-of-the-art building and we are excited to deliver that to them.”
SunTrust also helped finance two other Kane Realty projects at North Hills; CAPTRUST Tower, a 17-floor Class A office building, and The Dartmouth, a 171-unit apartment community scheduled to open in 2016.
“Kane Realty is creating unique and engaging developments aligned with how people want to work, live and shop,” Lewis Bass, a market manager for SunTrust Commercial Real Estate in North Carolina, said in a prepared release. “SunTrust is proud to partner with Kane Realty and play an important role in the communities they are building.”
The planned 50-acre North Hills expansion will add 1-million square feet of office space, 250,000 square feet of retail, 1,800 residential units and 800 hotel rooms.
“Securing the financing is a key step toward completion of Midtown Plaza, which is an important new addition to North Hills,” Glenn said. “Adding additional office space contributes to the vibrancy of this community, which has become a magnet for businesses looking for walkable neighborhoods where employees have access to a range of activities and living options steps from their workplace.”
Construction on Midtown Plaza is scheduled to be complete by July 2017.