City Office REIT Acquires Office Property In Raleigh For $330M

The office property located at 1 Glenwood Ave. and 621 Hillsborough St. in Raleigh, NC has been sold. The property covers an area of 3.23 acres and includes a total of 495,121 square feet of space. The transaction took place on January 5, 2022.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $330,000,000
• Price per Square Foot: $666
• Buyer: City Office REIT
• Seller: Heritage Properties
• Brokers: Ryan Clutter, John Mikels, Daniel Flynn & Chris Lingerfelt - JLL Capital Markets

The buyer in this transaction is City Office REIT, while the seller is Heritage Properties. The brokers involved in facilitating the deal were Ryan Clutter, John Mikels, Daniel Flynn, and Chris Lingerfelt from JLL Capital Markets.