Business

Red Hat move means new name for Raleigh landmark

Posted February 7, 2012 11:34 a.m. EST
Updated February 7, 2012 2:44 p.m. EST

— 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.