- Construction of the new Biomedical Partnership Center (formerly known as the CBC Flex Lab) is now substantially complete on the campus of NC State’s College of Veterinary Medicine (also known as the Centennial Biomedical Campus). Over 25,000 square feet is already leased for research laboratory and office uses. Approximately 17,000 square feet is available. The project is designed for life science and other companies who collaborate--or would like to collaborate--with the University in some way. Being on campus, these companies have access to the incredible resources that the University has to offer. The shell building includes large capacity chillers, an air distribution system, and an emergency generator matched for laboratory needs. This is an institutional quality building in every way.
- BOMA Raleigh-Durham awarded The Outstanding Building of the Year (TOBY) to the BB&T/Two Hannover Square building in the 250,000-499,999 square foot category. TOBYs recognize buildings, owners, and managers for their excellence in operations, sustainability, best practices, appearance, and overall performance.
During the judging process, a team of judges are toured through the building to review reporting samples, mechanical systems, roof conditions, occupied/unoccupied spaces, management offices, and copies of fit-up materials, tenant welcome books, and policies and procedures manuals.
It takes a lot of work to coordinate these materials and tours, and thanks to Jim Baker, Cheryl Cargill, Linda Caldwell, John Burnette, Jemal Engels, Chris White, and Valerie Poe for putting forth the effort to submit the property for consideration. Also, a thank you to Kandy Kidd who was instrumental in managing our Energy Star benchmarking process, which fulfilled one of our entry requirements.
- A variety of improvements are underway at The Exchange West at Meadowmont in Chapel Hill, North Carolina. They include the main lobby flooring, lighting, lobby furniture, an Electronic Tenant Directory and the restrooms.
- Capital Associates is pleased to announce that Macky Guilherme has joined the company as Director of Property Management. He brings with him a diverse background in corporate asset management, facilities management, medical office, low-rise suburban office, high-rise CBD office, and various types of owner's association. Prior to joining Capital, Macky was the Regional Property Manager for Spectrum Properties for two property portfolios while maintaining sole responsibility for the management of Red Hat's global headquarters in downtown Raleigh.
- Capital Associates has broken ground on a new lab/office development on North Carolina State University's Centennial Biomedical Campus, home of NC State's College of Veterinary Medicine (CVM). The new structure is the first public private partnership building on the CVM campus. When completed in 2017, the two-story, 44,500 square foot facility is anticipated to contain a mix of 75 percent lab space to 25 percent office space.
- Capital Associates is pleased to announce that Wendy Ruggiero has joined the company as Chief Financial Officer. Wendy brings over 13 years in public accounting starting at a tax firm in Connecticut before joining Blackman & Sloop, CPAs, PA in Chapel Hill in 1998. As Tax Manager, her client responsibilities included tax planning, consulting and compliance in various industries, as well as, working with individuals, businesses and trust and estates.
- In December, Capital Associates assumed the leasing and management of the Wycliff building located on Wycliff Road in West Raleigh. At approximately 174,000 square feet, this building can accommodate large users who desire large floor plates. Major tenants include Computer Sciences Corporation, HP Enterprises Services, LLC and Dewberry Engineers Inc.
- At the end of October, Capital Associates relocated its main office to Palisades I in West Raleigh. We were "pushed" out of our Crescent Green space by the needs of our tenants. As our company has grown over the years, West Raleigh has become central to Capital Associates' employees and to where we do business in the Triangle.
- Capital Associates represented our partners in the sale of American Airlines Reservation Center in MacGregor Park in Cary, in November of this year. This building was developed by Capital Associates over 25 years ago and has withstood the test of time with flying colors.
- In September, Capital Associates closed a permanent loan for The Greens Apartments located on Centennial Campus. While many multi-family developers have been building and selling, our objective for The Greens has been to develop a high quality community that complements the goals of NC State and to hold for the long term. Check out the website for The Greens at www.TheGreensCentennial.com
- In separate transactions in April and May, Capital Associates represented our partners in the sale of Tryon Office Center and Rex Cary medical office buildings in Cary. Together these medical properties totaled over 129,000 square feet. The buyer was Healthcare Trust of America.
- Capital Associates is pleased to announce it will handle property management and leasing of the Durham Centre located on West Morgan Street in the heart of Downtown Durham. This Class A, 200,000 square foot, 15-story high-rise, is a recognizable point of reference in the Downtown Durham skyline featuring deep blue reflective glass and a pyramid style roof. Capital Associates is excited to have the opportunity to offer the high level of management and leasing services that have built the steadfast reputation of the company within the community.
- The Greens Apartments at Centennial Campus hosted the May Raleigh Chamber Business After Hours. The Greens provided a relaxed setting for attendees to enjoy and see firsthand Capital Associates' new non-student luxury apartment community on NC State's Centennial Campus. Fine food, drink, and music were featured in the amenity filled courtyards and covered outdoor social areas. Guests enjoyed touring several beautifully decorated model apartments. These After Hours events allow Raleigh Chamber members the opportunity to make new connections and strengthen current relationships.
- Capital Associates is pleased to congratulate Stephenie Albert as recipient of the 2015 Capital Associates Excellence in Teaching Award at Adams Elementary. For the fifth consecutive year, Capital Associates sponsored this award in the Cary Chamber of Commerce's Honor a Teacher Program. This year the program celebrated and recognized 27 exceptional teachers from Western Wake County and their special efforts to ensure success for their students. Capital Associates is pleased to support our Western Wake County teachers in their continuing quest for excellence.
- Capital Associates and its employees are pleased to have made a major Thanksgiving donation to Operation: Coming Home for the last three years. Opertaion: Coming Home builds and donates homes to disabled combat veterans. Many of Capital Associates' personnel have visited new homes and met the recipients. Helping these courageous men and women is a great honor. For more information about Operation: Coming Home, please visit their website at http://operationcominghome.com/
- Capital Associates is pleased to announce that Kirk Willard has joined the company as Director of Property Management. Kirk brings over 21 years of diverse property management experience, including commercial office, hotels, and apartments. Prior to joining Capital Associates, Kirk led the property management account servicing the worldwide leader in PC manufacturing.
- Capital Associates has been given the privilege of being a sponsor of the Cary Chamber of Commerce's Honor a Teacher Award Ceremony for a fourth year. We are pleased to congratulate Megan Lambert for winning the 2014 Capital Associates Excellence in Teaching Award at Adams Elementary! Each year the program celebrates and recognizes 27 exceptional teachers from Western Wake County and their extra efforts to ensure success for their students.
- Capital Associates recently completed a major redesign and construction of the office for Wyrick Robbins at The Summit. The Summit is one of the best located buildings in the Triangle. Wyrick's space was redesigned to update the way that law firms work and interact, and create an inviting modern environment for both clients and legal professionals. Wyrick occupies over 57,000 SF of space at The Summit and enjoys the benefits of onsite property management provided by Capital Associates.
- The Greens Apartments at Centennial Campus is moving right along with tenants moving into the first building that opened in early 2014. Buildings two and three are still being completed and promise to be an Oasis in the City for residents. Capital Associates is proud to offer apartments that are Energy Certified, pet-friendly, and offer professionals a luxurious apartment close to Downtown. For more information on this thriving new community visit http://www.thegreenscentennial.com/
- Capital Associates' employees gathered for lunch at MacGregor Downs Country Club to celebrate the 10 year anniversaries of employees Bret Muller, Jim Baker, Kim Gandelman and Ted Rabalais. A good time was had by all. Over half of Capital's 48 employes have been with Capital for over 10 years. Our ability to serve our tenants, clients, and investors is due to the extensive experience and strong commitment of our people.
- Each year the Cary Chamber of Commerce holds their Honor A Teacher Award Ceremony. For the third consecutive year, Capital Associates had the pleasure of sponsoring the Excellence in Teaching Award given to a teacher at Adams Elementary School. Celebrating 27 teachers in Western Wake County, the program recognizes teachers that go above and beyond the call of duty.
- Capital Associates has assumed property management services for the Wade I and Wade II, Class A office buildings. These four-story, 99,300 RSF and 97,282 RSF office buildings are located in West Raleigh at the intersection of Wade Avenue and Edwards Mill Road just off the exit ramp of I-40. Capital Associates now manages over 2.9 million square feet of space.
- 55 Storage of Cary is Now Open! Capital Associates recently finished the development of this state-of-the-art, self-storage facility serving the Greater Cary area, including Research Triangle Park, Apex, Raleigh and Chapel Hill. Equipped with climate controlled and non-climate controlled units, drive-up and indoor unit availability, gated access and extensive security.
- Construction of The Greens Apartments at Centennial Campus is well underway. We are excited about the proximity to downtown, the layout of the units, interior courtyards, the views of the championship golf course, Lake Raleigh, and the new Hunt Library. The buildings are very exciting because of an interior "Main Street" which frames the clubhouse and pool, and because of the changes in elevations due to the sloping site.
- Capital Associates employees celebrated the holiday season with a luncheon at The Chef's Academy in Morrisville, NC. The Chef's Academy is a 24,000 SF culinary school that was developed by Capital Associates and completed in 2011.
Chef Eric Gephart, lead chef instructor at The Chef's Academy, took great pleasure in cooking the meal for the group; and the senior management team at Capital Associates took as much pleasure in plating and serving the meals. The lunch consisted of a grilled Caesar salad, pork tenderloin with homemade applesauce, shrimp and grits, and parsnip mashed potatoes. The highlight was dessert - bread pudding with a warm rum butter sauce.
Hugh Little stirred the rum butter sauce for Chef Eric and was very happy to give seconds to those requesting more. Frank Baird, Stephen Porterfield, Jack Davenport, Tom Huff, and Jim Whited assisted with the cooking detail and served the lunches. The food and camaraderie were most enjoyable, but the senior management wait staff may need additional training as evidenced by a lack of tips.
- Capital Associates has been awarded the property management contract for Palisades I. This four story, 78,000 SF, Class A, office building is located adjacent to the Edwards Mill Road and I-40/Wade Avenue Extension in West Raleigh.
- Capital Associates and guest celebrated the start of construction of The Greens at Centennial Campus with a groundbreaking ceremony and luncheon at the Park Alumni Center. Guests included NC State officials, City council members, and many of the design and construction team. This project is being developed in close collaboration with the University. With over 2,400 private employees and over 1,300 university faculty, staff and post-docs working on Centennial Campus, this apartment community will add an important non-student residential component to the campus--contributing to the University's vision of live, work, and play in this 1,100-acre, world-class, mixed-use environment.
- Construction of The Greens at Centennial Campus began in September. This luxury apartment community will feature 292 units in three urban style buildings. These contemporary apartments will offer extraordinary views in all directions, including an adjacent championship golf course and beautiful Lake Raleigh. The design includes green and sustainable features and is planned to achieve EnergyStar certification. This community will appeal to professionals working on NC State's Centennial Campus as well as Downtown Raleigh. The location offers a restful natural setting with a full complement of amenities and conveniences located in the immediate vicinity, including the State Farmers' Market, shopping at Cameron Village, and nightlife in Glenwood South.
- Capital wins SPACE Award for the Top Hospitality/Entertainment Development for the Chef's Academy. Tom Huff of Capital Associates received this award from the Triangle Business Journal, honoring industry leaders in the Research Triangle region of North Carolina. The Chef's Academy is a 24,000 square foot special-purpose building that was leased and developed by Tom and completed in 2011.
- Capital wins SPACE Award for the region's Top Sales Transaction for the sale of 11 buildings in Keystone Technology Park. Stephen Porterfield of Capital Associates received this award from the Triangle Business Journal, honoring industry leaders in the Research Triangle region of North Carolina. The sales transaction was for $88.8 million for the approximately 800,000 SF research and development park.
- Tom Huff is now serving as Chairman of the Board of Directors for the Cary Chamber of Commerce. Tom received the gavel during the Chamber's Annual Banquet on September 7th at Prestonwood Country Club. Tom Ross, President of the University of North Carolina System, provided a keynote address. Approximately 400 people were in attendance.
- Capital Associates received a Certificate of Occupancy for the development of a build-to-suit in Perimeter Park, Morrisville, North Carolina for The Chef's Academy. The Chef's Academy is a culinary school operated by Harrison College with its headquarters in Indianapolis, Indiana. Representatives of The Chef's Academy are very pleased with the high quality and on-time delivery of the new 24,000 square foot special purpose building. The construction schedule was very aggressive, but meeting the July 1st date was very important due to the academic calendar of the college. The first students will start classes in August. The culinary school is an intensive full-time two-year program with graduates receiving an Associate of Applied Science (A.A.S.) degree in culinary arts.
- The Summit Office Building earns the ENERGY STAR for Superior Energy Efficiency - The Summit, a Class A office building located at 4101 Lake Boone Trail, has earned the U. S. Environmental Protection Agency's prestigious ENERGY STAR certification, the national symbol for superior energy efficiency and environmental protection. This signifies that the building's energy performance rates in the top 25 percent of facilities nationwide while meeting specific standards for thermal comfort and indoor air quality.
The Summit was originally developed in 1989 by Capital Associates, which also manages this 120,000 square foot granite building. The building's design incorporates several energy efficient features such as high performance glass, a 300-ton chiller, and an automated energy management system to monitor HVAC equipment. Recent upgrades include a cool roof to reduce heat absorption, a new cooling tower, the installation of LED lighting in the elevators, and T8 lighting in the common areas and tenant spaces.
The Summit joins a distinguished group of only 16 office buildings in Raleigh that have earned the ENERGY STAR designation.
- Capital Associates' building at 4201 Lake Boone Trail in Raleigh was sold to Highwoods Properties in April. This 48,000 square foot medical office building was developed by Capital Associates in 1998 and is 94% leased. Tom Huff handled the sale for Capital Associates. Per Tom, Capital Associates' longtime investor is very pleased with the sales price and return on investment. This property is a logical addition to Highwoods' West Raleigh Portfolio.
- In spite of the economic slowdown, Capital Associates had another very successful year leasing space in its buildings. Capital leased over 250,000 square feet of space to new Tenants, over 90,000 square feet of space to existing Tenants (as lease expansions), and over 370,000 square feet of space to existing Tenants (as renewals). Because of the high quality of its buildings and property management services, Capital enjoys an overall occupancy rate of 90 percent--far higher than the market at large. Its medical office buildings are even higher at 97 percent leased.
- A ground breaking ceremony was held for construction of the new Chef's Academy culinary school in Morrisville. This ground breaking--one of the few in the Triangle in 2010--was attended by area dignitaries including the NC Secretary of Commerce and the Mayor of Morrisville. A culinary feast, prepared by the Nation Dean and future Morrisville campus Executive Chef, was enjoyed by more than 75 guests. Executives from the Educational Management Corporation (Harrison College) in Indianapolis were pleased by the Southern hospitality (including warm weather) and the initial sitework progress.
- Capital Associates completed the final phase of the 86,000 square foot headquarters building for Epic Games in Cary, NC. Beginning in 2009, Capital worked with Epic to develop a state-of-the-art facility that includes a motion capture studio, data center, rock wall, and slide. The look and design of the building is unique to this area and a complement to the computer game culture at Epic. Epic Games is one of the most successful and dynamic companies in the gaming industry.
- Capital Associates signed a long-term lease with the Educational Management Corporation (Harrison College) to develop a Chef's Academy culinary school. Approximately eight acres is under contract in Perimeter Park in Morrisville, between Carrington Mill Boulevard and NC 540, and site plan approval has been obtained from the Town Council. The to-be-built facility will be very similar to another Chef's Academy located in Indianapolis.
- THREE OFFICE BUILDINGS EARN ENERGY STAR® CERTIFICATION
Three Class A office buildings in Capital Associates' portfolio have been awarded the U.S. Environmental Protection Agency's prestigious ENERGY STAR certification, the national symbol for superior energy efficiency and environmental protection. This signifies that the energy performance of these buildings rates in the top 25 percent of facilities nationwide while meeting specific standards for thermal comfort and indoor air quality.
The three ENERGY STAR buildings are Concourse Lakeside One in Morrisville, Exchange West at Meadowmont in Chapel Hill, and BB&T/Two Hannover Square in downtown Raleigh. Energy saving components include variable speed drives on building motors, low-emissive glass or reflective coating on all windows, and automated energy management systems to provide real-time monitoring of all mechanical systems.
The EPA introduced ENERGY STAR in 1992 as a voluntary program to assess how efficiently a building uses energy relative to similar buildings nationwide. Based on a peformance rating scale from 1-100, a building must score a rating of 75 or higher to be eligible for the ENERGY STAR. Commercial buildings that achieve the ENERGY STAR certification use an average of 35 percent less energy than typical buildings and also release 35 percent less carbon dioxide into the atmosphere.
- Tom Huff was recently approved by the Cary Town Council to serve on a new task force to review the Cary sign ordinance.
- Bret Muller was appointed to serve on the 2010 Triangle Commercial Assocation of Realtors Board of Directors as President.
- Capital Associates made new leases, expansions and renewals totaling 545,046 square feet in 2009. Of this amount, approximately 58% was made in the last four months of the year. Leasing in 2009 included over 300,000 square feet to new tenants. Per Tripp Bradshaw and Bret Muller, two of our top leasing agents, Capital Associates was the clear market leader in the absorption of space for the year. Having excellent properties and property management helps make it possible to make new leases, expansions and renewals. Even in the current challenging economy, our average occupancy is over 91%. Capital Associates leases and manages its own developments, as well as properties owned by third parties.
- Capital Associates is responding to increased interest in green development and sustainable management practices. Kandy Kidd, a LEED accredited professional, was a speaker at a recent "Green Luncheon" sponsored by the Downtown Raleigh Alliance. Just prior, Tom Huff participated on a panel of developers discussing "Growing Sustainable Homes and Buildings" at the annual planning conference of the Cary Chamber of Commerce in Southern Pines.
- Roads, landscaping, and signage are nearing completion in Lexington Seven, a 77-acre mixed use business park in Loudoun County, VA near Washington, DC. Finished lots are available for sale to office, hotel, and retail users.
- Major renovations and reconditioning of the 92,000 SF Random Hills Center (formerly the Long & Foster building) are complete in Fairfax, Virginia. Space in this prestigious and well located building is available for lease or for purchase as an office condominium.
- Loparex is relocating its corporate HQ from the Chicago area to Crescent Lakeside II in Cary, NC.
- Capital Associates has been selected to find office space for Global Knowledge and to sell a number of properties in the Triangle area of NC.
- With the latest addition of Carolina Perinatal Associates, Medical Plaza at Rex, a 103,500 SF medical office building on the main campus of Rex Hospital in Raleigh, NC, is 96% leased to a variety of medical practices.
- With design and permitting now complete, construction is underway of a 75,000 SF expansion of the headquarters for Epic Games in Cary, NC. Epic Games has created and produced several of the top selling computer games.
- After 12 years in its previous location, Capital Associates relocated its corporate office to Crescent Lakeside II in Cary, NC.
- Capital Associates in Greensboro, NC was recently selected by the owner to lease and manage 800 Green Valley Road, a 127,000 SF class "A" midrise office building.
- Lawyers Mutual Liability Insurance Company of North Carolina has leased an entire floor in Weston II, Cary, NC. This new building is already 80% leased.
- Completed construction of the newest office building in The Crescent Business Park in Cary, NC--Crescent Lakeside II, a 140,000 SF class "A" office building.
- Completed construction of the newest office building in the Weston Business Park in Cary, NC--Weston II, an 80,000 SF class "A" office building.
- Ply Gem Industries has leased 20,000 SF for its corporate headquarters in Weston II, Cary, NC, which is currently under construction. This building will be completed in the Spring.