Wachovia Capital Center

[JTsaysToYou]

Is Wachovia going to sell the Wachovia Capital Center?

According to this article, yes!

Anyone heard anything about this?

(or subscribe to the TBJ, I don't)

Although, according to this site, theyre just leasing out some floors.

Again, anyone have any details?

[dmccall]

I wonder, just wonder, if Wachovia wants a taller building. Don't go all ape$%*t over that, but it is something worth sticking in the back of our UP minds.

[Justin6882]

I don't think Wachovia owns the building...but the owners are selling it for $100 mil - the biggest price ever paid for a Wake county building. I'm pretty sure its going to remain the Wachovia Capital Center.

[raleighone]

I don't think Wachovia owns the building...but the owners are selling it for $100 mil - the biggest price ever paid for a Wake county building. I'm pretty sure its going to remain the Wachovia Capital Center.

I could be wrong, but the last I heard, the Wachovia Capital Center was owned and managed by Spectrum Properties, LLC. I wonder to whom they are selling.

[RaleighInvestor]

The building is owned by DRA Advisors out of New York - who if I am not mistaken, bought it from First Union and First Union (now Wachovia) leased back a portion of the building. Wachovia is one of many tenants in the building, but has naming rights.

[DwnTwnRaleighGuy]

TBJ was just stiring the pot and bringing up the possibility of the building being sold. I am sure that there are some interested parties searching for good realestate investments in our market. It looks like a good time for it to happen!

[JTsaysToYou]

I'm still a little confused, but thanks! I was just freaking out because I thought the whole building would be put on the market, but alas, I am sort of naive. whatever. Thanks for the clarification!

[ncwebguy]

First Union/Wachovia owned the Capital Center when it was built. They later sold it to Spectrum properties, but leased several floors, the bank branch part of the lobby, and maintained naming rights -- their name on the outside of the building. Wachovia has never been the only buisness in the building. If Spectrum can get higher rent from smaller tenants, more power to them, and Wachovia may look elsewhere.

It is crazy speculation, but if they want to stop paying rent, they could tear down and rebuild right on F Street. Wachovia's real estate arm still owns 223 Fayetville Street, the building they used to occupy before the First Union merger. The city owns the buiding next door (One Exchange) and possibly could sell that to lure Wachovia into building bigger. Those two buildings would have one big footprint/anchor in the center of the 200 block of the street. That could be the next big thing, but is probably a pipe dream.

When moving from One Exchange, the city could take a chunk of the new Reynolds Tower (or Site 1) and be a medium to large tenant in either of those buidlings. Reynolds would be close to the current City Hall building...

If Wachovia does not want to build/develop, they could move to the Reynolds tower if the price was right and their current lease with Spectrum was up.

[serapis]

I agree.

[ChiefJoJo]

I think the city bought One Exchange because it was relatively inexpensive and they would save the rent. Site 1 and Reynolds will likely be class "A" office space, so the city would probably not be able to afford it.

Ironically, in 309 Hillsborough, the city has a 4 story building that would be razed (about time ) for the new Reynolds Tower, so they'd have to come up with additional office space from somewhere.

[Jones_]

First Union/Wachovia owned the Capital Center when it was built. They later sold it to Spectrum properties, but leased several floors, the bank branch part of the lobby, and maintained naming rights -- their name on the outside of the building. Wachovia has never been the only buisness in the building. If Spectrum can get higher rent from smaller tenants, more power to them, and Wachovia may look elsewhere.

It is crazy speculation, but if they want to stop paying rent, they could tear down and rebuild right on F Street. Wachovia's real estate arm still owns 223 Fayetville Street, the building they used to occupy before the First Union merger. The city owns the buiding next door (One Exchange) and possibly could sell that to lure Wachovia into building bigger. Those two buildings would have one big footprint/anchor in the center of the 200 block of the street. That could be the next big thing, but is probably a pipe dream.

When moving from One Exchange, the city could take a chunk of the new Reynolds Tower (or Site 1) and be a medium to large tenant in either of those buidlings. Reynolds would be close to the current City Hall building...

If Wachovia does not want to build/develop, they could move to the Reynolds tower if the price was right and their current lease with Spectrum was up.

[RaleighInvestor]

Wachovia does still own the old building on Fayetteville Street - but Wachovia does not own the land that it sits on. They lease the land under that building, and when the term of their lease is up (not much longer left), the building will belong to the owner of the land.

[Justin6882]

^Man I wish whoever ultimately ends up with the whole thing tears it down and starts over - that thing is hideous. Not only is the architecture less than appealing, its also dingy and uninviting.

[carynative]

very doubtful that will happen.

[MR-2]

I like the architecture during the day. It's dead at night though. I see it, but my camera doesn't. It needs some outline lights.

[pack-man]

who cares who owns it, unless they tear it down. not going to happen.

[ncwebguy]

If Wachovia owned the land and building, they could tear down and build something new, rennovate, etc.

Wachovia *doesn't* own the land, but *does* own the building, resulting in the current stalemate:

- The land owner can't rebuild because Wachovia's building is in the way.

- Wachovia has no incentive to do anything with the building (rebuild, upgrade, sublease, etc.) because its lease is up shortly.

[pack-man]

interesting scenario, i would like to see that building get upgraded with perhaps a sign and lights for a crown maybe.

[ChiefJoJo]

Wachovia Center in downtown Raleigh is sold...

Argus Realty Investors of San Clemente, Calif., paid New York-based DRA Advisors $153.4 million for the 29-story building at 150 Fayetteville St. -- the most ever paid for an existing Triangle building, according to data from brokerage CB Richard Ellis.

"It's a statement for the market as a whole," said Ben Kilgore, a broker at CB Richard Ellis, which represented the seller. "In particular, it's a vote of confidence for downtown Raleigh."

[willrusso]

I saw that in the paper yesterday... cool.

[plus2]

Will this sale change anything downtown? Any rumors? I doubt it, but I would love for someone to redevelop the parking deck that is part of this deal. It is the biggest eyesore/waste on Fayetteville St.

[ncwebguy]

I didn't think Alexander Place has 750 spaces, but I guess it does. Maybe that number includes some spaces in the deck across Wilmington street too?

It would be nice if they could build a tower on Alexander Place, but the article does not say anything about that.

[pack-man]

I want to say that Alexander Square parking deck was built to have a building built over it.

[dmccall]

Some of you may have seen my diatribe about faceless buildings killing any possibility of pedestrian life in Atlanta. We have a few places that hint at such brutality (such as Wilmington Street's north and south ends). One such place is actually the base of one of our most prominent buildings, the Wachovia Capital Center.

The tower's base has three sides exposed; one on each of Salisbury, Hargett, and Fayetteville Streets (as seen on this map). Unfortunately each face only includes a lobby entrance. The rest of these three facades is covered in pretty, tiered planters. These planters look nice, but add no functionality to the area. Luckily, though, it looks like the building's first floor could be renovated to include street-level retail and restaurants.

Fayetteville Street has little possibility for more retail space (as we've discussed before). Wouldn't this be a prime location for a business?

[Jones_]

There is of course Carolina Bakery on the back (north) side ofthe building but it barely presents itself to the street. This tower took out something like 6 hundred+ year old buildings many with viable businesses at the time and most were 2-3 stories. So much for a nice big contiguous historic district.....this tower belongs in some extension of the downtown grid (south maybe?) and certainly, as you point out Dana, needs modern viable commercial space.