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Raleigh’s Midtown Plaza Trades for $132M
Raleigh’s 12-story Midtown Plaza was sold to Crescent Real Estate for $132 million. Lionstone Investments was the seller. The high-dollar amount for the sale is rare in the current office market in the region. The Triangle Business Journal reports the only other recent deal with a big price tag is last month’s sale of IBM’s campus next to Research Triangle Park. The 770,000-square-foot office campus was sold for $66 million to a unit of Hines.
Completed in 2017, Midtown Plaza is a 329,747-square-foot, 12-story office building that is fully leased. The property features tenants such as Altera, Gilead Sciences and Fifth Third Bank, contributing to a weighted average lease term of six years. JLL marketed the property on behalf of the seller.
Midtown Plaza is in North Hills at the intersection of Innovation District and Park District. The North Hills market has an office occupancy rate of 98.5%. Rental rates have gone up 27% since 2017.
- ◦Sale/Acquisition
