RALEIGH - A group of private investors has partnered to buy an office building at a marquee intersection, hoping an Earth-friendly renovation will reduce operating costs and lure tenants willing to pay more for green digs.The group, which includes three Greensboro partnerships and one from Durham, last week paid a partnership led by Mark Properties $3 million for the Navigant building, county property records show. Known for its time-and-temperature display, the building is at U.S. 70 and Creedmoor Road.
It’s the latest deal on a corner across from Crabtree Valley Mall, an area where developers are planning several buildings, including one under construction that would be among the region’s tallest.
The project is expected to meet the standards of the U.S. Green Building Council’s Leadership in Energy and Environmental Design, or LEED, rating system.
Details of the 32,000-square-foot renovation are being worked out, said Greg Sanchez, a partner in the ownership and president of Durham commercial real estate services firm Tri Properties, which will manage the building and conduct the renovation.
To meet LEED standards, the renovation would incorporate environmentally friendly construction practices and energy-saving design, which lower operating costs. The LEED designation could attract tenants willing to pay a premium for green offices. “A lot of tenants want to be in an energy-efficient building,” Sanchez said.
Read More:News & Observer
Leave a Comment