Highwoods Properties And North Carolina Investment Authority Acquire Development Site In Raleigh For $210.5M

621 Hillsborough Street, located in Raleigh, NC, is a development site that has recently been sold for $210,500,000. The property encompasses a total area of 495,121 square feet, translating to a price per square foot of approximately $425.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $210,500,000
• Buyer: Highwoods Properties & North Carolina Investment Authority
• Seller: City Office REIT
• Square Footage: 495,121
• Price per Square Foot: $425

A joint venture, consisting of Highwoods Properties and North Carolina Investment Authority, acquired the asset known as Bloc83. This transaction marks a significant decrease in value from its previous assessment of $330,000,000 four years prior. City Office REIT, the seller, was also involved in a separate acquisition in which it was purchased for $282,500,000.