Wells Fargo Capitol Center

Wells Fargo Capitol Center

Wells Fargo Capitol Center In Downtown Raleigh.
Former names First Union Capitol Center, Wachovia Capitol Center
General information
Status Complete
Type Retail/Office
Location Fayetteville Street
Raleigh, North Carolina,
United States of America
Address 150 Fayetteville Street
Raleigh, NC 27601
Completed June 1990
Management Spectrum Properties Management Company
Height
Top floor 121.92 m (400.0 ft)[1]
Technical details
Floor count 30
Floor area 544,482 sq ft (50,584.0 m2)
Design and construction
Architect Stevens & Wilkins
Main contractor McDevitt & Street
References
[2]

Wells Fargo Capitol Center (formerly Wachovia Capitol Center and First Union Capitol Center) is a 30-story 121.92 m skyscraper at 150 Fayetteville Street in Raleigh, North Carolina with 544,482 square feet (50,584.0 m2) of space. Completed in 1990, it was one of the downtown Raleigh's two tallest buildings for nearly twenty years, and is currently third tallest.

History

In 1999, DRA Advisors bought First Union Capitol Center.[3]

After the merger of First Union and Wachovia, Wachovia moved out of its 11-story 110,000 square feet (10,000 m2) building built in 1961.[4]

On January 31, 2007, Argus Realty Investors LP of San Clemente, California paid $153.4 million for Wachovia Capitol Center and its parking deck, plus retail space across the street. The amount was the most ever paid for a Triangle office building. At the time, Wachovia occupied 105,788 square feet (9,828.0 m2), and other major tenants included Deloitte & Touche, PriceWaterhouse Coopers, Merrill Lynch, and KPMG, as well as the city's largest law firm Smith Anderson Blount.[3][5]

As a result of six transactions, HighBrook Investors paid $42.74 million for 31.57 percent of Wells Fargo Capitol Center, whose ownership is a tenants in common structure. As of December 4, 2015, the building had 192,181 square feet (17,854.2 m2) of leasable space available, with 20,451 square feet (1,900.0 m2) more expected in 2016. Major tenants other than Wells Fargo included Brooks Pierce, Smith Anderson, BHDP Architecture and RM Source. Parker Poe had already left and Womble Carlyle Sandridge & Rice planned to move in 2016.[6]

See also

References

  1. ↑ "Wachovia Capitol Center, Raleigh, U.S.A.". Emporis. Retrieved 2010-09-23.
  2. ↑ "Project Description". Spectrum Properties. Retrieved June 21, 2012.
  3. 1 2 Jack Hagel, "Sale of Wachovia tower sets record," News & Observer, 2007-02-01.
  4. ↑ Steve Cannon, "Wachovia's Departure from Raleigh, N.C., Building Adds to Downtown Emptiness," News & Observer, 2003-04-14.
  5. ↑ Kalinoski, Gail (2007-02-02). "Raleigh's Wachovia Capitol Center Sells for $154M to Argus Realty". Commercial Property News. Retrieved 2010-09-23.
  6. ↑ Bracken, David (2015-12-16). "New York firm acquires stake in Raleigh's Wells Fargo tower". News & Observer.

Coordinates: 35°46′43″N 78°38′23″W / 35.7787°N 78.6396°W / 35.7787; -78.6396


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