The state government is doing its part to invigorate the downtown area of the state capital by signing a significant lease in the office building at 3200 Beechleaf Court as part of an overall plan to rework its downtown campus. The project was selected as the winner of the 2024 CoStar Impact Award for lease of the year in Raleigh, as judged by a local team of real estate professionals familiar with the market.
The state's insurance department occupies more than 132,000 square feet on floors 1-5, 7, 9 and 10 in the 10-story building.
Owned by Truist Bank, the building was built in 1991 and renovated in 2013, according to CoStar. Amenities include a fitness center and restaurant.
"It's one of the most significant office leases signed during a challenging market," Impact Awards judge James Allaire, principal of Foundry Commercial, said of the deal.
About the Project: A total of 250 state employees work in the building.
What the Judges Said: "I appreciate the state of North Carolina investing funds into reworking its downtown campus. I think that will continue to spur activity in the area and support small businesses there," said Shelley Bhatia, senior vice president of TradeMark Properties.
They Made it Happen: Representing the landlord, Truist Financial Corp., were John Schultz, managing director, Cushman & Wakefield, and Kent Honeycutt, senior director, Cushman & Wakefield.