North Hills developer Kane Realty Corp. has brought in a new joint venture partner to help fund construction of the new Midtown Plaza office building that’ll be anchored by Allscripts.
KBS Realty Advisors of Newport Beach, California, announced on Wednesday that it will be joining Kane in the development of the 329,214-square-foot building project.
Midtown Plaza is slated to be completed in July 2017.
Terms of the deal were not disclosed, but building permit applications for the project peg its construction cost at around $53 million for the 12-story office building and adjacent parking deck.
Midtown Plaza is already 74 percent leased and will be anchored by health care technology company Allscripts, which will be moving its 1,000 employees from a north Raleigh office park to North Hills once the building is complete.
At North Hills, KBS Realty Advisors is also a joint venture partner with Kane in the construction of the $90 million, 18-story Bank of America Tower(formerly North Hills Tower Two) that’s slated to open in early 2016.
The California commercial real estate investment firm was first introduced to North Hills and the Triangle region in 2013 after it acquired the 17-story CAPTRUST Tower office and retail building from Duke Realty Corp. for $98.4 million. Kane also retained a minority ownership in the CAPTRUST building.
“We believe Midtown Plaza’s central location within a dynamic market like Raleigh, coupled with the unparalleled amenities of North Hills are an attractive draw to tenants,” stated KBS Regional President Marc DeLuca in a news release about the deal. “We have significant experience in the North Hills market and are thrilled to partner once again with Kane Realty Corporation on this new venture.”
Click here for the original article written by Amanda Hoyle/Triangle Business Journal.