Raleigh’s getting more office, retail and restaurant space near Crabtree Valley Mall
A major property management company is investing almost $100 million to build a 218,000-square-foot, multi-use development in Raleigh.
Raleigh-based Highwoods Properties, Inc — which owns several properties across the East Coast, including the building that houses The News & Observer in downtown Raleigh — will begin construction of GlenLake III, its sixth project near Crabtree Valley Mall, before the end of 2021.
The development will include 205,000 square feet of office space and 13,000 square feet to be divided between retail and restaurants. Construction is anticipated to complete in the third quarter of 2023.
Highwoods has pre-leased 16% of GlenLake III’s office space to McKim & Creed for the national engineering and surveying firm’s new corporate headquarters, according to a press release.
Highwood’s expects to invest $94.4 million in the project, including the value of land the company already owns, it said. GlenLake III will join five other GlenLake office spaces built from 2000 to 2020 on Parklake Avenue. GlenLake III will be on Edwards Mill Road, according to the property’s website.
“Our GlenLake development in Raleigh’s Glenwood (Best Business District) is a well-established and highly-desirable infill location,” Ted Klinck, president and CEO of Highwoods, said in a press release. “We are excited McKim & Creed, a long-standing and thriving Raleigh company and new customer for Highwoods, has chosen GlenLake III for its corporate headquarters, and we look forward to building a long-lasting relationship with them. Our Raleigh team has done an excellent job with our GlenLake properties and this new lease illustrates the healthy demand we’re seeing at GlenLake and across the Raleigh market.”
