Cushman & Wakefield has been selected to oversee leasing at Somerset Corporate Center and Capital Center in Raleigh, North Carolina, by Bridge Investment Group. Mac Hammer and Kent Honeycutt of Cushman & Wakefield will oversee leasing for the three buildings, which total 330,008 square feet. Bridge Investment Group acquired the properties for $62.75 million in January.
“With planned improvements for both properties and strong market fundamentals, these buildings stand to gain solid leasing traction in 2020,” Hammer said. “We are excited for the opportunity to work with Bridge Investment Group, a company that has established itself as a best-in-class owner throughout North Carolina.”
The two-building Somerset Corporate Center is located at 4505 and 4515 Falls of Neuse Road, centrally situated in Midtown Raleigh with easy access to I-440 and I-540, and totals 168,029 square feet. Multiple building improvements are planned at 4505 including an updated lobby, renovated common areas and restrooms and upgraded parking and lighting. Shared tenant amenities include a cutting-edge, 40-person conference room with smart technology and The Hub – a meeting and break room with full vending capabilities.
Capital Center is located at 5511 Capital Center Drive and totals 161,698 square feet. Situated on a 6.5-acre campus, the building overlooks a lake and features a beautifully landscaped courtyard, plaza and terraced fountain with on-site jogging trails. Bridge Investment Group is upgrading corridors and restrooms on each floor and renovating the outdoor plaza and entryway.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Bridge Investment Group
Bridge is a privately held real estate investment management firm with $20.1 billion in assets under management. Bridge combines its more than 3,600-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily; Office; Seniors Housing and Medical Properties, Affordable Housing, Opportunity Zones and Real Estate
Debt Strategies. Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines. The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed account vehicles, co-investments, and joint ventures. Bridge seeks to transform assets in a manner that maximizes their potential.
