Record breaker? Sale of major Raleigh office tower could set new mark
July 25, 2019 | Caleb Harshberger | Triangle Business Journal
A prominent Raleigh office tower has been sold months after it was put on the market, a deal local real estate insiders have said could break the price per-square-foot record.
California-based KBS Realty Advisors announced Thursday it sold the 17-story CapTrust Tower to Preferred Office Properties, a subsidiary of Maryland-based Preferred Apartment Communities Inc. (NYSE: APTS).
The price Preferred Office Properties paid is unclear, and public records do not yet reflect the purchase. But If the sale fetches $500-per square-foot it will top $150 million, making it one of the most expensive building sales in Raleigh’s history.
