North Hills steals downtown Raleigh tenant

Originally published in the Triangle Business Journal on June 15, 2017

The Raleigh office of the Troutman Sanders international law firm will soon be moving out of its downtown Raleigh high-rise building and relocating to midtown.

Walter Fisher, managing partner of the firm’s Raleigh and Charlotte offices, confirms the law firm has signed a lease for a top-floor office space in the new 12-story Midtown Plaza building that opened in the spring at North Hills where it will share space with anchor tenants Allscripts and SunTrust Bank.

Fisher says the firm and its in-house lobbying group, Troutman Sanders Strategies, had considered several other Class A office properties around the downtown and midtown submarkets before deciding what to do when its previous 10-year lease in the BB&T/Two Hannover Square building of Fayetteville Street expires later this year.

Troutman Sanders currently occupies 23,825 square feet at BB&T/Two Hannover Square, and in the new North Hills building the same size staff of 26 people will need less than 17,000 square feet. The firm plans to finish the move by mid-January 2018.

“Frankly, this is something our Raleigh office was eager to do,” Fisher says of the pending move to North Hills.

Troutman Sanders will occupy 16,867 square feet on the top floor of Midtown Plaza, helping bring the building to near 94 percent occupancy, according to a news release from North Hills’ development company, Kane Realty Corp.

Kane is also reporting that Perspectum Diagnostics, a U.K.-based health care software company, has signed a lease for 8,730 square feet at Midtown Plaza. Perspectum Diagnostics was represented by Heath Chapman of CBRE-Raleigh and Bob Hopper of Berkshire Hathaway HomeServices York Simpson Underwood Realty in its lease negotiations. Hooker Manning and Alex Mikels with Kane Realty Corp. represented the landlord in each of the deals.

Another factor in the law firm’s decision: Kane is a long-term client of Troutman Sanders. “We’ve had a very strong, long relationship with Kane, which is certainly one factor that played into the decision,” Fisher says, along with the Midtown Plaza property’s location next to the I-440 Beltline and the walkable amenities to restaurants and retailers throughout the North Hills property. “Obviously North Hills has done exceptionally well since its redevelopment began, … and this is something we think is a smart move for us.”

Amanda Hoyle, Staff Writer, Triangle Business Journal