Glenwood Place office park tenant reacts to demolition plans
Send this to a friend
- Amanda Jones Hoyle
- Staff Writer- Triangle Business Journal
- Email | Twitter
For more than 40 years, the Glenwood Place office park in Raleigh has been home to hundreds of small and medium-sized businesses needing – or wanting – easy travel access to Raleigh's I-440 Beltline.
Today, the park rents space to about 115 local companies ranging from corporate offices for Frankel Staffing Partners to nonprofit organizations like the Alzeimers Association-Eastern North Carolina.
Most, if not all, of those businesses will over the next few months and few years have to start thinking about a new long-term plan if Glenwood Place owner Gordon Grubb with Grubb Ventures follows through with his plan to completely redevelop the site under a new partnership with Charlotte-based Lincoln Harris.
Rhody Dillon, president of Dillon Commercial Real Estate Services, says he moved into the Caswell Building at Glenwood Place about five years ago. He plans to stay until his landlord runs him out.
"As long as the BB&Y restaurant is in this building, I'm staying," Dillon says.
But BB&Y, and many of the other tenants in the Caswell Building, aren't being given the option to sign new long-term leases of five years or more.
"We didn't want to commit to a lease that long because we hope to demolish that building by then," says Grubb. "The buildings here have really outlived their useful life, and they really are getting expensive to maintain."
Glenwood Place still has eight office buildings encompassing about 250,000 square feet total, and the buildings were 79 percent occupied in the third quarter, according to Triangle Business Journal research.
That occupancy number takes into account also the empty space in the half-vacant Alleghany Building that's been slated for demolition for a couple of years and is currently off the market for lease.
Amanda Jones Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate
Most Popular
- Most popular
- Emailed
- Mobile
- Why GlaxoSmithKline's RTP jobs are vulnerable to cuts
- Major redevelopment plans announced for Raleigh's Glenwood Place
- GlaxoSmithKline's RTP unit hit hard with hundreds of lost jobs
- UNC receives $100M gift from Fred Eshelman, largest in school history
- MyEyeDr. acquires Eye Care Associates and its 27 N.C. offices
- CEO: Why EDM Americas moved its $150M HQ operation to Raleigh
- GSK layoff specifics: 350 in Q1, 450 in Q2
- N.C. Commerce Sec. Decker resigns, Skvarla to move over from DENR
- Is the Triangle pharma industry positioned to absorb 900 GSK layoffs?
- Boomtowns: New Census data reveal whopping growth in the Triangle
Email Subscriptions
-
Career Sales Position Pierce Group Benefits | Holly Springs, NC
-
Store Manager BJ's Wholesale Club | Raleigh, NC
-
CNA - Certified Nursing Assistant - Pediatric Needed BAYADA HOME HEALTH CARE | Morrisville, NC
-
Associate Director of Analytical R&D Kelly Scientific Resources | Durham, NC
-
Part Time Bagger Haddon Hall Commons Apex, NC Harris Teeter | Apex, NC
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.