Investment banking giant Credit Suisse has sold back about half its land in Research Triangle Park after concluding that it has ample room for future expansion in its current facility.
"We can probably add another 450 people in the building," said Jim Captain, site executive for the Switzerland-based company. Credit Suisse currently has 950 full-time workers -- a combination of employees and contractors -- in its 211,000 square foot building in RTP.
The company has sold back about 35 acres of undeveloped land plus designated "natural space" to the Research Triangle Foundation, which runs RTP. The selling price of roughly $3.2 million is the same price, on a per-acre basis, that Credit Suisse originally paid.
Credit Suisse, which was lured to the state in 2004 with $14.4 million in state and local incentives, acquired the property in 2006 after announcing a major expansion. Captain said at that point the company didn't really know how much space it would ultimately need.
Credit Suisse's original purchase agreement included an option to sell back land to the foundation, but that option was nearing its expiration date, said Captain.
"With the expiration coming, the decision had to be made to build another building or sell it back," he said. "We decided to sell it back because we can accommodate any foreseeable growth."
Liz Rooks, executive vice president at the foundation, said that although it would have been great if Credit Suisse needed the entire property, "we don't want land sitting idle."
"It gives us a prime site to market," she added. The foundation has nearly 600 acres left to sell in the 7,000-acre development.
