KBS JV Inks Office Deals at Raleigh Tower
KBS Realty Advisors, together with Kane Realty Corp., has inked two leasing agreements totaling 31,659 square feet at Bank of America Tower, a Class A office building in Raleigh, N.C.
Intelligent asset management solutions provider Brightly Software by Siemens signed a 28,658-square-foot agreement. The company will occupy an entire floor at the building, where it will establish Siemens industry Inc.’s new global headquarters.
The other deal involves Eva Garland Consulting’s expansion agreement for 3,000 square feet, resulting in a total footprint of approximately 15,000 square feet at the property.
Other notable tenants at the 300,322-square-foot tower include Spectrum Cos., Newmark, Merrill Lynch, Regus, Bank of America and KPMG.
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KBS Realty Advisors developed the 18-story office building in joint venture with Kane Realty Corp. The project was funded by a $58.8 million construction loan provided in 2014 by Bank OZK, while the property is currently subject to a $79.5 million loan issued by New York Life Insurance Co., according to CommercialEdge information.
Completed in 2015, The LEED-Gold certified property features a conference center, 28,647-square-foot floorplates, six passenger elevators, 10,000 square feet of first-floor retail space and 523 covered parking spots across six floors. Additionally, the building includes two restaurants on the ground-floor level, a coffee bar, a tenant lounge, motorcycle parking, bike storage and EV charging stations.
Located at 4242 Six Forks Road, Bank of America Tower is close to multiple bus stops and nearby dining and retail options. The mid-rise property is within the city’s North Hills district, 5 miles from downtown Raleigh, 14 miles from Raleigh-Durham International Airport and 24 miles of Durham, N.C.
Large deals in the area
In April, IXL Learning expanded its headquarters by 22,309 square feet at 1600 Perimeter Park Drive in Morrisville, N.C. The deal brought the company’s entire commitment to 90,089 square feet, fully occupying the building. The property is part of a 3 million-square-foot master-planned development, owned by Mapletree US Income Commercial Trust.
That same month, Railinc leased 56,371 square feet at a Class A office campus in Cary, N.C. The company will relocate at 11000 Weston Parkway in the first quarter of 2025. The property is part of Lakeview at Weston office complex, owned by Highwoods Properties.
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