Business

May 14, 2014

Developer planning new office building for PNC Arena area

Dominion Realty Partners announced Wednesday that it expects to begin construction on a new office building near the PNC Arena in West Raleigh this summer.

Dominion Realty Partners announced Wednesday that it expects to begin construction on a new office building near the PNC Arena in West Raleigh this summer.

The four-story building, Wade III, is to include 105,000 square feet of space. Dominion says it has preleased 12,000 square feet of the building.

The project is another joint venture between Raleigh-based Dominion and Prudential Real Estate Investors, which owns the property.

Prudential acquired 20 acres of land and two 100,000-square-foot office buildings near the arena for $45.75 million in October. The former owner, Lichtin Corp., filed for bankruptcy and was eventually forced to sell after being unable to renegotiate the debt on the property.

The entire project, known as Offices at Wade, has room for five buildings.

Prudential is also the equity partner for Dominion’s 236,000-square-foot Charter Square building that is now under construction in downtown Raleigh.

The $63 million project is expected to open in about 12 months at the south end of Fayetteville Street. The law firm Womble Carlyle Sandridge & Rice, HDR Engineers, CBRE, JDavis, Eschelon Hospitality and Dominion have announced plans to lease space in the building.

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