This property is Off-Market

150 Fayetteville Street
Raleigh, NC 27601 ·

550,979 SF · Office For Sale

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Wachovia Capital Center

Price N/A No. Stories 30
Building Size 550,979 SF Building Class A
Property Type Office Tenancy Multiple
Property Sub-type Office Building Year Built 1991
Property Use Type Investment Lot Size 2.57 AC
Occupancy 89%
Listing ID: 14852201 Date Created: 10/24/2006 Last Updated: 10/31/2006

Description

Wachovia Capital Center is a 30-story, trophy high-rise asset in the heart of Raleigh's most vibrant submarket, Downtown. Totaling 550,979 SF, Wachovia Capitol Center is considered the premier skyscraper in Raleigh and serves as the defining moument of the expanding Downtown skyline. At 89.01% leased, the building provides a desired blend of stability and upside opportunity. Investment security is provided by the rent roll's aveage remaining lease term of 8.48 years, including the presence of the anchor tenant, Wachovia through 2004. This offering also includes Alexander Square, a five-story covered parking deck with an additional 9,004 SF of premium street front retail space.

Wachovia Capitol Center is strategically situated as the preeminent multi-tenant office asset along Dowtown Raleigh's most recognizable corridor, Fayetteville Street. This thoroughfare is at the nucleus of the rapidly maturing urbanization of Downtown and was recently reopened as a vital transportation route. The Tower offers a unique blend of world classs architecture, absolute trophy quality construction, the finest amenities, and an epicenter location.

Highlights

  • Occupied by Raleigh's most discerning and credit-worthy tenants. Blue Chip firms comprise 73.1% of the tenant roster.
  • Bond-Like Income Security - More than $100,000,000 in contractual rent further bolstered by significant parking and revenue from Alexander Square
  • Explosive growth being experienced in Downtown Raleigh, building has strong history of internal growth and tenants indicate a need for future space
  • Downtown Raleigh - One of the tightest office submarkets in the Southeast in terms of vacancy (9.4%). Class A vacancy rate reported at 7.94%.
  • Significant development in Downtown within the vicinity of the building. New construction of a $240 million Convention and Civic Center

Research

150 Fayetteville Street, Raleigh, NC 27601 (Wake County)

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