Progress Energy bought the naming rights. Effective immediately, the facility's name is The Progress Energy Center for the Performing Arts.
The 20-year deal is worth $5.5 million for the city. The center is just two blocks from Progress Energy's new downtown corporate headquarters.
"We are proud that our contributions will help bring the wonderful arts programs performed at the Progress Energy Center to a broader audience throughout North Carolina," said Bob McGehee, chairman and CEO of Progress Energy.
"Today is another striking example of the vital corporate leadership that Progress Energy is providing for downtown revitalization and for the entire city," said Raleigh Mayor Charles Meeker. "Year after year, we can count on them to support and enrich the life of this company.
City leaders say the money will be put in capital reserves to help maintain the building.