Jump to content

121 Fayetteville St Raleigh Tower


Recommended Posts


  • Replies 27
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

As noted on UP in the last week or two Preffered Office properties is going to start a 30 story tower and Kane will be the leasing agent. More about the tower here  http://121fayettevilleral

Updated in a subscriber article today in the TBJ ""A proposed office tower in the heart of downtown Raleigh has taken another step toward construction after its Atlanta-based owners filed site pl

from an article this morning in the Triangle Biz Journal ""Preferred Office Properties originally planned to begin work this year on its 121 Fayetteville project in Raleigh, but it has now pushed

Posted Images

3 hours ago, rolly said:

Are they doing this all on spec, or do they have some clients in mind. 

 

Not sure yet but with Kane involved as leasing agent I am sure they marketing it greatly.  Downtown Raleigh despite several buildings being delivered (The Dillon and One Glenwood) really does not have a lot of available blocks of office space.  The vacancy is low. 

  • Like 1
Link to post
Share on other sites

@KJHburg Good point. Those projects leased out quickly, showing strong market interest. 

But there is a lot of competition coming online, with the second tower next to One Glenwood (10 stories), the 9 story tower in Peace Phase 2, and half of 301H (Pendo taking only about half).  Also Kane has Tower 4 coming up, which is ahead of all projects with 11 stories of office. And to think that all of this should be done in just a year and a half. 

  • Like 1
Link to post
Share on other sites

2 hours ago, rolly said:

@KJHburg Good point. Those projects leased out quickly, showing strong market interest. 

But there is a lot of competition coming online, with the second tower next to One Glenwood (10 stories), the 9 story tower in Peace Phase 2, and half of 301H (Pendo taking only about half).  Also Kane has Tower 4 coming up, which is ahead of all projects with 11 stories of office. And to think that all of this should be done in just a year and a half. 

Kane is involved in 2 of the 4 projects you mentioned.  If he's willing to compete against himself, there's likely very good reason.  Optimistically he knows some things the general public doesn't.  All recent office projects have filled up very quickly and people and companies moving here hasn't slowed in the 2010s, so demand should continue as it has.

  • Like 4
Link to post
Share on other sites

According to this office market report from Avison Young downtown Raleigh has a  3.8% total vacancy which is incredibly low.  Even with the new Kane office building at Peace, the new 2nd tower over by One Glenwood and the new Pendo tower more office space is needed if you want to attract tenants.  Plus of course the proposed 121 Fayetteville tower None of these buildings are overly big (especially by Charlotte standards)  all these new buildings together would be around 1 Million sq ft.  However downtown Raleigh absorbed 454,xxx sq ft in the last 12 months and since their completion times are staggered (only 2 now underway the Bloc 83 tower by One Glenwood and the Kane's Peace office building)  I think the market could easily absorb this space.   Tech companies are wanting to be in urban locations and you need some space to target them not to mention growing coworking concepts like WeWork and Spaces and others in the market. 

https://www.avisonyoung.us/documents/92532/2127338/Raleigh-Durham+Office+Report+(Q2+2019)/b2383620-3899-428a-b201-638251cea4ef?t=85220044

  • Like 4
Link to post
Share on other sites
  • 3 weeks later...
On 8/14/2019 at 4:01 PM, 49er said:

Was that deck built to support a tower? Curious how they will demo part of it if that is the case.  A+ architecture in the rendering.  

It was built later to support the parking needs of First Union (later Wachovia and now Wells Fargo). But if you mean structurally support, none of the new building would sit on it from what I can tell...looks like they would just shave off that southern 40%. I haven't been in it since shortly after it was built but think I remember it functioning sort of like two decks conjoined at that center elevator shaft/atrium. Beyond that, I don't know if it was designed to hold more stuff on top of it, but at a glance it doesn't look like it. 

  • Like 3
Link to post
Share on other sites
  • 3 weeks later...
On 8/9/2019 at 5:08 PM, rolly said:

Are they doing this all on spec, or do they have some clients in mind. 

 

The residential and commercial markets in Raleigh are so hot right now, I think that doing this on spec is not risky at all. However, I suspect that there are interested prospects looking for this prime space that have not been disclosed publicly.

  • Like 3
Link to post
Share on other sites

  • 10 months later...
  • 1 month later...
  • 3 weeks later...
  • 6 months later...
51 minutes ago, carolina1792 said:

Bad news, Preferred Office Properties folding and selling all Raleigh assets to Highwoods including this site. Highwoods has not plans for this site. 121 F is dead. 

I guess this topic can be archived now!

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Similar Content

    • By nicholas
      This project is looking more and more likely, with approved zoning and preliminary plans announced.  The original part of the Creamery building as well as the 1940ish expansion will remain.




    • By nicholas
      Appears that this project is finally underway, and I think is big enough for its own thread.  Dual-branded Hilton Garden Inn/Homewood Suites at the corner of McDowell and Davie St.  I believe this is the current rendering, good to finally see another hotel in downtown Raleigh.

      Drive by from yesterday (sorry for all the glare):


    • By nicholas
      There have been several recent residential developments along New Bern/Edenton, and with the coming BRT line, redevelopment will likely accelerate in this part of Raleigh.
      Here are some new townhomes nearing completing at I believe Seawell Ave.




    • By dcluley98
      EA Sports Orlando is building new headquarters office in the Creative Village to relocate from their current office space in Maitland. The $62 Million building will relocate EA Sports 700 employees from Maitland to downtown, with the potential to have a thousand people working for them by 2025. EA is  promoting the new Orlando facility as their  "premier  development studio on the east coast.  EA Tiburon is home to employees working across multiple teams and organizations including: WW Studios  (Madden NFL, NBA LIVE, Madden Mobile, NBA LIVE Mobile, ArtWorks, AudioWorks, Frameworks, Believable Characters), Technology, Marketing, Publishing and Competitive Gaming."  
      New five-story, 176,000 SF Commercial Office Building with Ground Floor Retail
      Attached nine-story 644-space Parking Garage



    • By KJHburg
      This new building will need a topic so we can all quickly reference it especially when the rendering drops.  Exciting times and a great location.  
      The Business Journal article about the new tower across from my Superica restaurant.
      https://www.bizjournals.com/charlotte/news/2019/03/01/childress-klein-ram-realty-advisors-seek-to.html?iana=hpmvp_clt_news_headline
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.