Wednesday, December 05, 2012
NEW BOSTON FUND COMPLETES LEASE RENEWALS AND BEGINS RENOVATIONS AT CAROLINA PLACE
ScottMadden, Inc. and Rodgers Builders, Inc. renew leases
Raleigh, N.C. (December 5, 2012) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the commencement of major renovations at Carolina Place, as well as the renewal and expansion of leases for ScottMadden, Inc. and Rodgers Builders, Inc.
New Boston has begun work on significant renovations to the lobby and common areas at Carolina Place. Plans include the complete removal and replacement of the glass curtainwall and entry doors at the lobby with an entirely new glass wall, providing clean, updated and unobstructed views into the Building. The remainder of the lobby will be entirely gutted and replaced with new flooring, walls, trim and lighting in a modern and updated design. Restrooms and elevators are also being gutted and entirely updated. The architect for these renovations is LS3P and Riley Lewis General Contractors has been named the general contractor. The renovations are scheduled to be complete by the end of the year.
“These upgrades represent the first time in the building’s history that it has been significantly renovated,” said Pryse Elam, Southeast Regional Director at New Boston Fund. “Carolina Place has been the cornerstone for the Glenwood Avenue office corridor. These improvements will help maintain the building’s storied tradition for many years to come.”
Carolina Place is a five-story, 99,181-square-foot, Class-A office building in Raleigh, N.C. The building is situated on more than four acres of land and features a two-story structured parking deck. New Boston acquired Carolina Place earlier this year as a part of its investment strategy in the Southeastern United States. The building is managed and leased by Spectrum Properties.
ScottMadden, a general management consulting firm, has expanded and renewed its lease for more than five years for a total of 13,255 square feet. Rodgers Builders also renewed its 2,670-square-foot lease for more than three years. Spectrum Properties represented New Boston in both lease renewals. Williams Realty and Building Company, Inc. represented ScottMadden, and New Boston negotiated a direct deal with Rodgers Builders.
Originally developed in 1984, Carolina Place is strategically located on Glenwood Avenue, approximately one mile from the I-440 Beltline, three miles from downtown Raleigh and 10 miles from Raleigh-Durham International Airport (RDU). The property is also adjacent to the prestigious Carolina Country Club and is nestled within the high-end executive housing neighborhoods of Raleigh.
New Boston is committed to investing in the southeast region, and since 2010 has acquired more than one million square feet of office space through the purchases of Waterford Centre, Southpoint Executive Center, Maitland Green I and II, and One Park Square in Florida, as well as Harris Corners Corporate Park in the Carolinas.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
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