Business

Red Hat move means new name for Raleigh landmark

Posted February 7, 2012

— When software developer Red Hat moves its corporate headquarters from North Carolina State University's Centennial Campus into downtown Raleigh's Progress Energy building, it will rename the tower, a spokeswoman said Tuesday.

Progress will vacate the 19-story downtown tower as part of a merger with Charlotte-based Duke Energy. The new utility will be headquartered in Charlotte, and the 100 E. Davie St. building will be christened Red Hat Tower.

Or RHT for short.

Red Hat's New York Stock Exchange symbol is RHT.

The Progress-Duke merger has not yet received regulatory approval.

However, Red Hat is already at work in preparing for the move.

"We don't have an update on timeline of moving in, but work has begun to customize the space for the needs and culture of Red Hat," said Leigh Day, head of media relations for Red Hat.

According to filings with the Securities and Exchange Commission, Red Hat's lease begins Jan. 1, 2013, and ends Aug. 23, 2035. The company has said the move could yield 500 new jobs. It estimates it will also invest $30 million in renovations, equipment and furniture.

12 Comments

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  • OpenM1nd Feb 7, 6:22 p.m.

    For sure I thought they'd call the building "Dollar Home" ($HOME). Sorry, a little I/T humor there. ;-)

  • OSX Feb 7, 6:01 p.m.

    Hope it works out for them. Cool company but I am not going downtown to see it.

  • justincaseur2 Feb 7, 5:22 p.m.

    "Red Hat doesn't like to pay it's employees. Their motto is "you don't come to Red Hat for the money." Just because you get 1 free lunch per week and free vending snacks doesn't make up for the 10-15k more you could make somewhere else."

    I don't know about anyone else but I'll take job satisfaction over money any day of the week - just saying...I'd work for them.

  • ifuaintscared Feb 7, 4:30 p.m.

    Presumably if Red Hat employees are not satisfied with how much they make they would take their skills elsewhere - isn't that how things are supposed to work?

  • itsmyownopinion Feb 7, 4:02 p.m.

    While Red Hat may not pay as much as other places- Im sure the 400-500 people that get jobs out of the relocation that didn't have them before would be just happy with a free lunch and snacks.
    dwntwnboy

    Exactly. I'd be interested in knowing how they know what Red Hat pays.

  • dwntwnboy Feb 7, 3:30 p.m.

    While Red Hat may not pay as much as other places- Im sure the 400-500 people that get jobs out of the relocation that didn't have them before would be just happy with a free lunch and snacks.

  • computer trainer Feb 7, 3:22 p.m.

    Scare Crow, thanks for your kind words.

    I had read the story. Typically there is a clause in there, and I was just asking. Good Grief.

  • Tizu Feb 7, 2:59 p.m.

    Red Hat doesn't like to pay it's employees. Their motto is "you don't come to Red Hat for the money." Just because you get 1 free lunch per week and free vending snacks doesn't make up for the 10-15k more you could make somewhere else.

    Just sayin'.

  • uncw05 Feb 7, 1:38 p.m.

    Gitchigumi- exactly what I came here to say!

  • Scare Crow Feb 7, 12:37 p.m.

    either way computer trainer, progress has given up the lease and red hat has signed. progress it OUT! reade the story.

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