KBS and Kane Realty Sign Lease Agreements Totaling 31,659 Square Feet at Class A Office Property in Raleigh, North Carolina

The transactions highlight the strength of the North Hills office market in Midtown Raleigh.

KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, and Kane Realty Corporation of Raleigh, N.C., announce they have leased 31,659 square feet of space to two tenants, including a new large-footprint tenant and a renewal and expansion of a longtime North Hills tenant, at Bank of America Tower, a Class A mixed-use property totaling 300,322 rentable square feet in Raleigh, North Carolina.

Brightly Software, a Siemens company and global leader in intelligent asset management solutions, has signed a lease for 28,658 square feet of space on a full floor in the building. The new office will also serve as the global headquarters for Siemens Industry, Inc. The other lease is an expansion of Eva Garland Consulting (EGC), a leader in securing and managing non-dilutive funding for startups. EGC, a long-standing existing tenant in Bank of America Tower, added more than 3,000 square feet to expand their current space to nearly 15,000 square feet.

“The transactions highlight the strength of the economy in the Raleigh market. Growing companies are gravitating toward high-quality office space with active retail, restaurant, and entertainment to support their efforts to attract and retain the best employees,” according to Marc DeLuca, CEO and regional president, Eastern U.S., for KBS.

“Well-located, top-tier commercial office properties provide growing companies with a strategic advantage when it comes to meeting the workplace needs of both new and current employees,” says DeLuca. “KBS has been a leader in owning and managing world-class office assets for the past three decades. We have a history of capitalizing on important office trends such as excellent health and wellness and technology amenities to assist tenants in generating maximum value from the office space they lease.”

Allen Aldridge, asset manager of Bank of America Tower, senior vice president and co-director asset management for KBS, notes that Bank of America Tower’s location in the prestigious North Hills district of Raleigh and its mix of onsite retail and fine dining is a great example of an office property that is well-suited to attract top talent.

“Bank of America Tower really delivers on its promise as a top-quality office asset at all levels,” says Aldridge. “Tenants have access to terrific retail and dining, like The Capital Grille, and amenities including a tenant lounge, and designated EV parking spaces.”

According to CBRE for Q2 2024, the local Raleigh metro area leasing is currently dominated by tenants renewing existing leases or seeking higher-quality office space with a smaller footprint. Additionally, JLL reports leasing by large tenants requiring more than 10,000 square feet has grown steadily during the year, increasing 23% year-over-year. As the market moves into the second half of 2024 and beyond, JLL sees a shift of focus in the market to existing high-quality assets as the number of new properties slated for construction after this year drops to zero.

“The move to Bank of America Tower allows us to bring Siemens Brightly Software and Siemens Smart Buildings under the same roof. By creating one space for both companies, we are improving our sustainability and decarbonization goals as part of Siemens 2030 Sustainability Goals,” says Stephanie Dorsey, CEO Siemens Real Estate Americas.

“Our new location in North Hills will serve as a meaningful asset to us for talent recruitment and retention and company culture, giving employees access to a beautiful mixed-use area with a variety of restaurants, fitness options, parking, electric vehicle charging, and other walkable amenities,” adds Don Kurelich, CEO of Brightly Software, a Siemens company. “We are moving to a more modern, central location that fosters collaboration and engagement.”

Bank of America Tower is an 18- story, mixed-use, Class A, LEED Gold certified building with six floors of covered parking, high-speed internet, and a state-of-the-art conference center. Bank of America Tower is ideally located near upscale residences, innovative workplaces, entertainment, hotels, retail and dining destinations.

“As one of the first tenants to be welcomed into Bank of America Tower we’re proud to have grown along with the North Hills community. As our company continues to expand, we know that the building offers our employees the highest-quality workspace with access to the best restaurants and shopping in the area,” says Eva Garland of Eva Garland Consulting. “The combination of location and top-tier service, made the decision to renew and expand our lease a natural one.”

“From convenient hotels to restaurants and retail, the office assets in North Hills such as Bank of America Tower have immediate and nearby access to every kind of amenity an employee or corporate tenant might require, all conveniently located right off Raleigh’s Interstate 440,” comments Hooker Manning, director of office leasing at Kane Realty. “This unmatched tenant experience attracts meaningful companies to relocate here and successful companies to continue to grow and expand.”