Dominion Realty Partners broke ground Thursday on a new office building near the PNC Arena in West Raleigh.
The 105,000-square-foot building, Wade III, will be the third office building in the complex known as Offices at Wade. Raleigh-based Dominion says it has pre-leased 25 percent of the building.
Wade III is another joint venture between Dominion and Prudential Real Estate Investors. Prudential acquired 20 acres of land and two existing 100,000-square-foot office buildings at Offices of Wade for $45.75 million in October.
The former owner, Lichtin, filed for bankruptcy and was eventually forced to sell after being unable to renegotiate the debt on the property.
Dominion and Prudential are also partnering on Charter Square, the 236,000-square-foot building now under construction at the south end of Fayetteville Street in downtown Raleigh.
Wade III is expected to be completed by August 2015. There are also plans for two other office buildings on the site, Wade IV and Wade V.