RALEIGH - A group of private investors has partnered to buy an office building at a marquee intersection, hoping an Earth-friendly renovation will reduce operating costs and lure tenants willing to pay more for green digs.

The group, which includes three Greensboro partnerships and one from Durham, last week paid a partnership led by Mark Properties $3 million for the Navigant building, county property records show. Known for its time-and-temperature display, the building is at U.S. 70 and Creedmoor Road.

It's the latest deal on a corner across from Crabtree Valley Mall, an area where developers are planning several buildings, including one under construction that would be among the region's tallest.

The project is expected to meet the standards of the U.S. Green Building Council's Leadership in Energy and Environmental Design, or LEED, rating system.

Details of the 32,000-square-foot renovation are being worked out, said Greg Sanchez, a partner in the ownership and president of Durham commercial real estate services firm Tri Properties, which will manage the building and conduct the renovation.

To meet LEED standards, the renovation would incorporate environmentally friendly construction practices and energy-saving design, which lower operating costs. The LEED designation could attract tenants willing to pay a premium for green offices. "A lot of tenants want to be in an energy-efficient building," Sanchez said.

The Navigant property is 80 percent occupied by tenants, including its travel-agent anchor, which takes about one-third of the space. It is a stone's throw from where The Soleil Group of Cary is building the 42-story hotel-and-condo project, Soleil Center, which the developer expects will open by early 2010. Soleil plans to tear down an adjacent 43,800-square-foot Capital Bank building to make way for a mix of offices, shops, restaurants or homes.

Crabtree Partners, led by Richard Ladd, has similar plans for a 30,000-square-foot building next door.

Soleil's second phase is on hold until signs of demand and construction financing re-emerge, Soleil partner Sanjay Mundra said.

As for the Navigant renovation: "This is going to happen," Sanchez said. "It's not 'maybe' here."

The Navigant investment group includes Sarah-Kate of Durham and Oregon LLC, Crabtree Investment 1 and Bodan of Greensboro.

The Glenwood/Creedmoor corridor's office vacancy rate fell to 11.4 percent from 11.8 percent in the past year, a Highwoods Properties market survey found.