Duy Khuong Ong Acquires Office And Land In Raleigh From Highwoods Properties For $21.35M

The property asset involved in the transaction is an office building located at 4800 Falls of Neuse Road, along with two adjoining parcels at 5005 and 5009 Memory Road in Raleigh, NC. The sale price for this asset was $21,350,000. The total square footage of the building is 176,886, resulting in a price per square foot of $121. The building is currently occupied at 87% capacity, and the assessed value was noted to be $32.85 million at the time of sale.

Summary of transaction details:

• Property Type: Office & Land
• Transaction Amount: $21,350,000
• Buyer: Duy Khuong Ong
• Seller: Highwoods Properties
• Brokers: Judson McMillan & Skipper Day - York Properties
• Square Footage: 176,886
• Price per Square Foot: $121

Highwoods Properties executed the sale as part of its strategy to divest non-core assets. The buyer, Duy Khuong Ong, has plans to renovate the office building following the acquisition. The transaction closed on December 2, 2024.