From Downtown to Midtown in Raleigh
With the addition of Troutman Sanders to the top floor of Midtown Plaza in North Hills, the movement from Downtown to Midtown continues. Joining Allscripts and SunTrust Bank, the law firm and its in-house lobbying group will make the move from its current downtown location at Two Hanover Square in January taking just under 17,000 square feet on the top floor.
This move seems to continue the migration of businesses from downtown to Midtown as Class A office space expands in Midtown. This move will bring the occupancy level at Midtown Plaza to 94%, according to Kane Realty Corp.
The attraction of Midtown Raleigh has become a force to be reckoned with as cranes fill the sky line and new restaurants, hotels, and office buildings fill the area around North Hills and I-440. North Hills has grown exceptionally well since its humble beginnings and has been on the fast track ever since the original North Hills Mall was redeveloped. This has made the Midtown area prime for office expansion. Current existing office products include the Bank of America Tower at 300,000 RSF, the Captrust Tower at 300,000 RSF and Midtown Plaza at 329,000 RSF. Coming soon is Tower 4 which, at 28 stories and 450,000 RSF, will be the tallest building at Six Forks and the I-440 beltline. Tower 4 will be a mixed use Class A office building anchoring North Hills. Tower 4 will consist of 18 stories of Class A office space over a 9 level parking deck and street level retail.
Driving this growth is the densest live, work, shop, play and stay area in the city offering retail, apartments, office and hotels. In addition, there is never a dull moment as there are constant activities including the Midtown Beach Music Series. And if you are from out of town traveling for work or pleasure, three hotels (Hyatt House, AC, and The Renaissance) provide great options for accommodations close to excellent restaurants, shopping, and entertainment. The Renaissance offers 4 Star amenities with 222 rooms all adjacent to over 130 shops and restaurants within walking distance. The Hyatt House offers a more “at home” feel to your stay and is directly adjacent to the office towers. The new AC Hotel is European inspired with a modern flare.
Midtown has become a destination center for not only shopping and dining but for working as well. Further, given its location, people and businesses are flocking to be a part of Midtown Raleigh. There is no end in sight to the creativity and development diversity at Six Forks Road and I-440.
If you have any commercial real estate needs in the Raleigh/Durham/Wake Forest area, please give us a call to let us know how we can help you! We can be reached via our company website which is: www.kimacommercial.com and/or reach our commercial real estate agent Dan Tilley. From land to leasing to multi-family and commercial development – even design/build – we’d love the opportunity to help you with your commercial real estate needs!
Be sure to keep up with us on Facebook at Facebook.com/KimaCommercial to stay in the loop on what’s going on in the Triangle when it comes to commercial real estate, to see our featured listings and more!
We look forward to hearing from you soon to find out how we can best be of assistance.