What's on Tap

What's on Tap

RedHat signs letter of intent to bring headquarters to downtown Raleigh

Posted August 25, 2011

Raleigh-based software company, Red Hat, is one step closer to moving its headquarters to downtown Raleigh. 

Press Release below:

Progress Energy in negotiations to sublet Two Progress Plaza to Red Hat
8/25/2011

Progress Energy has signed a nonbinding letter of intent and is negotiating a sublease agreement to sublet its Two Progress Plaza (TPP) facility in downtown Raleigh to Red Hat, a Raleigh-based global software company. Under the proposed sublease, Red Hat will sublet the entire building through the end of the company’s lease. The proposed sublease will generate economic benefit for downtown Raleigh and substantial savings for Progress Energy.

Under the proposed sublease, Progress Energy must vacate two floors (TPP 12 and 13) of the building by Oct. 15. Employees on these floors will begin moving later this month to offices in PEB or other space in the greater Raleigh area.

TPP 8 and 16 and the building lobby are required to be vacated by Jan. 1, 2012. Relocation work for employees on those floors will begin in October and be phased through the end of the year. Employees on the remaining floors of TPP will be moved over time, with Red Hat assuming complete occupancy by Jan. 1, 2013.  

“This decision makes good financial sense for the company and bolsters the downtown Raleigh economy with the addition of Red Hat as a downtown business,” said Mark Mulhern, Progress Energy chief financial officer. “We know that this move may cause a distraction during an already-busy time, and it is important that we maintain a focus on meeting business deliverables and working safely.”

There's been a lot of great downtown news lately and this is arguably the most monumental.  Here's to hoping everything goes through smoothly.  

 

1 Comment

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  • EliteOne Aug 25, 2011

    Thank you for this article that includes actually info on the move. It has the most info available right now