Avison Young arranges $139 million loan for construction of 12-story trophy office building in Raleigh, N.C.
October 12, 2022
Avison Young’s Structured Finance Group secures financing for the development of 1000 Social, a new world-class office tower being built at The Exchange Raleigh
WASHINGTON, DC — Avison Young announced today that it has arranged a $139 million loan for the construction of 1000 Social, a 12-story trophy office building in Raleigh, N.C.
Avison Young’s Structured Finance Group arranged the financing to build the 350,000-square-foot (sf) office tower. The project is the first phase of vertical construction at The Exchange Raleigh, a new $1 billion mixed-use development that will feature nearly 1 million-sf of trophy office space, a beautiful park and a variety of top-tier residential units, stores and restaurants.
Dewitt Carolinas, which is developing The Exchange Raleigh, chose Avison Young to arrange financing for 1000 Social. The Avison Young team was led by Wes Boatwright, Michael Yavinsky and Jon Goldstein, all Principals; and Connor Burke, an Associate at the firm.
“This financing opportunity attracted considerable interest not only because 1000 Social will be a trophy office tower in a premier location, but also because Dewitt Carolinas is well known for developing the best projects of the highest quality,” Boatwright said.
Groundbreaking on 1000 Social took place last month, with construction expected to be completed in about 18 months. The new landmark tower will offer 20,000 sf of ground-floor retail, outdoor patios and individual bathroom pods on every floor, efficient 28,500-sf floor plates, a fully-equipped event center and a parking structure with over 1,500 spaces.
With a striking, timeless design, 1000 Social will also feature state-of-the-art technology to enhance wellness and safety, including ionized air filter treatment, touchless elevators and hands-free fixtures throughout.
Tenants will benefit from their ideal location at The Exchange Raleigh. When complete, the vibrant 40-acre development will offer numerous stores, restaurants and other appealing amenities. They will include a 4-acre park with lush landscaping, water features and plentiful open spaces for gatherings and events. Bike and pedestrian trails will connect to the Capital Area Greenway System.
All of this will be easily accessible for tenants and visitors alike. Conveniently located near I-440, The Exchange Raleigh will offer numerous entry points from all directions.
“The Exchange Raleigh will be an outstanding place to live, work, shop, dine and relax,” Boatwright said. “It will be one of area’s most dynamic developments and be recognized as one of the best new office buildings in the Southeast.”
ABOUT DEWITT CAROLINAS, Inc. Dewitt Carolinas, Inc.
Dewitt Carolinas, Inc. is a Raleigh based full-service diversified real estate company with over 25 years of experience across more than 200 projects throughout the Carolinas. Dewitt Carolinas specializes in office, retail, and multifamily development, construction management, property management, and leasing. For more information visit www.dewittcarolinas.com.
ABOUT AVISON YOUNG
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.