JLL Closes $330M Sale of Bloc 83 Office Development in Raleigh

JLL has closed the $330-million sale of Bloc 83, a new office development totaling 495,121 square feet in Raleigh, NC. According to JLL, the sale represents the largest single real estate transaction in downtown Raleigh’s history.

JLL represented the seller, Heritage Properties, and procured the buyer, City Office REIT. The JLL capital markets team representing the seller was led by senior managing director Ryan Clutter, directors John Mikels and Daniel Flynn and senior director Chris Lingerfelt.

Completed in 2019 and 2021 respectively, Bloc 83 consists of two Class A office towers, One Glenwood and Tower II at Bloc 83, which are 79% leased. The development features street level retail space and two on-site parking garages and tenant amenities such as an interactive sports room with a golf simulator.

The Origin Hotel is located on-site, and the properties are a walkable distance to Union Station, a $100 million multi-modal transportation facility.

The Bloc 83 is on three acres in Glenwood South, a growing mixed-use district of Raleigh surrounded by multifamily and residential uses, museums, shops, restaurants and nightlife options.