With several new tenants already committed, construction has begun at a new office tower near Crabtree Valley Mall in Raleigh.
The developers of the new building, named Crabtree Terrace, announced Monday that the co-working firm Spaces has signed a lease for 31,794 square feet of office space at the project, according to a release from real estate services firm CBRE.
Crabtree Terrace, a project by Chapel Hill-based developer East West Partners, is at the intersection of Creedmoor Road and Glenwood Avenue.
This will be Spaces’ fifth announced location in the Triangle. The firm has planned locations in downtown Durham, Cary, Chapel Hill and in the Dillon tower in downtown Raleigh.
CBRE also said that Longleaf Law Partners has signed a lease for 8,000 square feet of space, and an unnamed “high-end restaurant” has signed a lease for approximately 12,500 square feet on the ground floor.
The 145,000-square-foot building is expected to be completed near the end of 2019.
“We are thrilled to be underway with this exciting new mixed-use project,” said Lee Perry, development director at East West Partners, in a statement. “The Crabtree Valley submarket always has been and continues to be one of the Triangle’s strongest performing commercial districts. We have a great deal of market interest in the project, as is evidenced by the early leasing activity to date. We expect to build on that momentum over the coming months.”
East West Partners is also currently building a luxury condo building in downtown Durham called The Bartlett. Condos at that building are selling in a range from $350,000 to over $1 million.