That big blue IQVIA sign on I‑40? It’s about to disappear. Here’s why
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- Drawbridge’s $10M retrofit preceded several major leases and more tours.
- Aspida signed three floors and will replace IQVIA signage in coming months.
- Raleigh‑Durham vacancy fell from 21.3% to 20.6% amid concentrated leasing.
Durham’s Imperial Tower, easily spotted from Interstate 40 with its bright blue IQVIA logo, has stood empty for years, as the rise of hybrid work, surging interest rates and tech layoffs pushed vacancies to record highs.
Then last December its owner, Drawbridge Realty, embarked on a $10 million makeover, installing a new coffee shop, golf simulator, fitness center, tenant lounge and game room.
On Tuesday, the firm says its strategy is working.
In just the last 90 days, it has signed a string of major tenants for the 11-story, 259,000-square-foot Class A office tower at 4820 Emperor Blvd., just off Page Road.
Among them: Aspida Financial Services signed for three floors as its new headquarters; telecommunications retailer Victra signed for one-and-a-half floors; and Charlotte-based law firm Robinson, Bradshaw & Hinson signed for the entire third floor, leaving just 100,000 square feet, or slightly over three floors, available.
“The market is responding,” said Greg Sanchez, CEO of NAI Tri Properties, which represented Drawbridge in lease negotiations.
“Imperial Tower has real momentum right now,” he added. “Tour activity is up, inquiries are consistent, and each new lease is reinforcing tenant confidence.”
In early 2023, IQVIA, one of the Triangle’s largest life science companies, vacated the building, shifting headquarters to a new Innovation Park campus at 2400 Ellis Road in Durham.
The acronym “IQVIA” in bold, blue font remained behind, stamped on the building, becoming a familiar sight as commuters on I-40 cross the Wake-Durham county line.
In the coming months, it will be replaced with Aspida’s signage, the firm said.
“I don’t have a good date yet,” said Andrew Neilly, Drawbridge’s spokesperson. “But Aspida intends to move into its space sometime [later] this year.”
Triangle’s office market ‘comeback’?
After years of record-high vacancies and companies downsizing, experts say the newly inked deals show signs that the Triangle commercial real estate market is finally on a comeback.
Even as absorption remains negative and older suburban buildings struggle, demand is rebounding in select “amenity-rich” submarkets, such as North Hills and downtown Raleigh, they say.
In Raleigh-Durham, overall vacancy peaked at 21.3% in the second quarter of 2025, breaking records set in 1986 and 1991.
But it has since dropped to 20.6%, according to CBRE’s 2025 fourth-quarter market report.
More than 80 leases were signed in the last two quarters, with West Raleigh, Glenwood/Creedmoor, and the RTP/1-40 Corridor submarkets recording the highest concentration of lease signings, the report said. Of these, 75% were new leases, indicating “expansion within the market.”
Downtown Raleigh is also seeing an uptick.
In five years, 898,412 square feet of new office space has been added downtown, bringing the total inventory to 6,424,512 square feet, according to Downtown Raleigh Alliance’s 2025 third-quarter market report. Net lease absorption stood at 43,785 square feet, bringing the year-to-date total to 132,659 square feet. Class A occupancy rate hovered at 86.3%.
“The leasing market is booming,” Bill King, DRA’s president, told The News & Observer in December, adding that occupancy is higher than primary market competitors Charlotte, Nashville and Austin.
But other pockets are still struggling. Citrix’s former headquarters at the intersection of West and Hargett streets in Raleigh’s Warehouse District has sat mostly vacant for years.
Distressed sales are also popping up.
Last December, a Raleigh office building at 2610 Wycliff Road between Rex Hospital and the Beltline sold in foreclosure for $16 million to RGA Reinsurance Company, Triangle Business Journal reported. The 174,014-square-foot building is assessed at $30.8 million.
In the meantime, the construction pipeline remains empty. No new office space is currently underway.
CBRE predicts improving capital markets sentiment will support new development by late 2026 or early 2027.
