News
Harbert United States Real Estate Fund V Leases 97,667 Square Feet to NC Department of State Treasurer at The Arbors
HUSREF V Completes Lease to NC Department of State Treasurer in Raleigh, North Carolina
Birmingham, Alabama, Nov. 20, 2014 – Harbert United States Real Estate Fund V, L.P. (“HUSREF V”), in conjunction with The Simpson Organization (“TSO”), recently leased 97,667 square feet to the NC Department of State Treasurer at The Arbors, a 256,000 square foot, 4-building office portfolio in Raleigh, North Carolina. The lease contract would amount to $35.6 million over the 10-year term, including renewal options for an additional 10 years. TSO and HUSREF V purchased the suburban office property in September 2013. At the time of the acquisition, the property was 56% occupied. The NC Department of State Treasurer will increase the occupancy to 95%.
The target occupancy date for the Department of State Treasurer is February 2015. HUSREF V and TSO worked with the state for several months as a part of its overall effort to consolidate employees onto one campus to improve efficiencies and communications. Harbert Management Corporation’s real estate team and TSO seek to invest in well-located office assets with value-add upside through focused operational management.
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