FCP℠ and Indianapolis-based Strategic Capital Partners, LLC (SCP) announce the commencement of construction of a five-story, 198,535 square foot, Class A office building, Forty540 II, located at 710 Slater Road at the highly visible I-40/I-540 intersection in the RTP/I-40 submarket of Raleigh-Durham, NC. The partners, who together previously developed the adjacent Forty540 I office building, also announce that SolarWinds, a leading provider of powerful and affordable IT management software, has pre-leased 40% (80,000 square feet) of Forty540 II. SolarWinds is also a tenant at Forty540 I, which was sold by FCP and SCP in April 2019.
“The RTP/I-40 submarket continues to flourish based on the growth of the region and the central location near Raleigh-Durham International Airport,” said Kevin North of FCP. “We are very pleased to build on the success with our partners at SCP as well as the team at CBRE with the development of this exceptional new office building.” Forty540 II is scheduled to break ground in January 2020 with delivery anticipated in midyear 2021.
“We are excited that SolarWinds has chosen to expand at Forty540 II. It is yet another example of a technology company choosing to expand in Raleigh and the RTP/I-40 submarket. We look forward to moving them into their new facility in the summer of 2021.” said Rich Horn, SCP CEO.
Forty540 II will feature 41,000 square foot efficient floorplates, prominent building signage opportunities, a fitness center, showers, internet café and a rooftop sky lounge and amenity center.
FCP and SCP extend their appreciation to JLL for their representation of SolarWinds in the lease and to CBRE for their representation of the landlord.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About Strategic Capital Partners
Strategic Capital Partners, LLC (SCP) is a commercial real estate developer who invests in, develops, owns and operates properties in top tier submarkets in Charlotte, Cincinnati, Indianapolis, Nashville, Northern Virginia and Raleigh/Durham. SCP is the general partner in more than $800 million of office, industrial, multi-family and student housing properties which total over 7 million square feet. SCP has started approximately $250 million in new developments in 2019. For more information, please visit www.strategiccapitalpartners.com.