Preferred Office Properties hopes to re-energize downtown Raleigh with latest acquisition
Posted October 4, 2020 11:59 p.m. EDT
Updated October 5, 2020 4:13 p.m. EDT
Raleigh, N.C. — Despite the challenges facing the city, Raleigh's business community is proving its resilience. City leaders are hopeful that new building developments will be the key to reviving the community.
With over half a billion dollars invested across North Carolina, Preferred Office Properties is betting on the Tar Heel State.
“It’s one of the few markets with three Tier 1 research universities,” explained Preferred Office Properties President Boone Dupree. “Then, you combine that with a business-friendly tax environment.”
The company’s latest acquisition is at 121 Fayetteville St. in downtown Raleigh. The 30-story retail and office spaces will soon redefine the Raleigh skyline and hopefully pump energy back into downtown.
“We got to get people feeling comfortable and feeling safe. We got to get them back downtown,” said Dupree.
City leaders said this kind of investment is what the city needs.
“I think we should celebrate the fact that, even in very difficult times, we seem to be in a place that is going to continue to grow. That is a huge benefit,” said Raleigh City Councilman Jonathan Melton.
As long as Raleigh remains a place where people want to live and companies want to invest, there's no doubt that more businesses will be able to survive.
“We don’t come in, buy and then turn around and sell and exit. We’ll be here for a long time,” said Dupree.