New Class A Tower Coming to Raleigh

Kane Realty is developing Midtown Plaza, a 12-story Class A office tower located in North Hills, a 130-acre development in Midtown Raleigh, N.C.

The company secured a $66.7 million loan from arrangers led by SunTrust Bank to construct the 330,000-square-foot office building, with anchor tenant Allscripts taking most of the space.
“Allscripts will be taking 9 of the 12 floors, roughly 280,000 square feet, and we’ll fill the rest of the building with multiple tenants,” Jennings Glenn, Kane Realty’s CFO, told Commercial Property Executive. “We felt this was a great time to develop this project; obviously Allscrips was the driver behind the project, as they were consolidating some folks from different locations and they needed a new state-of-the-art building and we are excited to deliver that to them.”

SunTrust also helped finance two other Kane Realty projects at North Hills; CAPTRUST Tower, a 17-floor Class A office building, and The Dartmouth, a 171-unit apartment community scheduled to open in 2016.

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Source: Publication: Commercial Property Executive