Driving down I-440, it’s hard to miss the shiny-new One North Hills Tower.
Like a shark’s fin sticking out of water, it jets out over the Beltline: a large mass of angled-glass windows waving at passersby at 4000 Center at North Hills Street in Midtown Raleigh.
At once recognizable and iconic, it’s “a true trophy-class office building,” said Hooker Manning, Kane Realty’s director of office leasing, in a release.
One North Hills Tower is part of the firm’s long-awaited North Hills’ Main District mixed-use expansion.
The 10-story, 266,000-square-foot Class A office building is slated to open this summer. A second-floor 6,000-square-foot outdoor terrace will feature Limani Grille restaurant and bar.
Underground parking and first-floor retail are also at its doorsteps — a perk that appears to be closing deals, Manning said.
More than 72,500 square feet of space has already been leased, he said, even as the region’s office market remains saturated. (Expired leases and completed projects have driven overall vacancy to a record 19.3%, according to CBRE’s 2024 first-quarter market report. That’s up 90 basis points year-over-year.)
High-profile tenants
Among the high-profile tenants: Major cigarette manufacturer JT International, which is relocating its U.S. headquarters from New Jersey to North Hills later this year and adding more than 100 jobs, WRAL first reported.
HNTB Corp., Raymond James & Associates, The Starboard Holding Companies, including The Nautical Group and Nautical Advisory Services, have also signed leases.
“North Hills continues to attract top-tier office users,” said Mike Smith, Kane Realty’s CEO.
In this post-pandemic era of hybrid work and surging interest rates, demand for the district’s “live-work-play” design — combining office, residential, retail — remains strong, he said.
The reinvention of the North Hills’ Main District, where North Hills Shopping Center once stood, has been 20 years in the making.
John Kane, CEO of Kane Realty, bought the property over two decades ago. But what started as a renovation of a neighborhood shopping center evolved into a multibillion-dollar redevelopment covering 100 acres of prime Raleigh real estate.
What’s coming soon
Except for the JCPenney, which was a mainstay from the 1960s and under lease, Kane razed the two-level regional mall to start from scratch in 2003. In its place came a mixed-use development anchored by Target, a 150-room hotel, rentals, condominiums and scores of retail shops to serve the area’s high-end neighborhood.
In 2020, Kane closed and demolished its last relic, the aging JCPenney building, making room for Kane’s ultimate vision: a $350 million complex that includes four new buildings around a public plaza.
Once completed, it will include a 12-story high-rise residential building, 346,000 square feet of office space and 100,000 square feet of ground-floor retail.
Retailers and restaurants recently opened (or opening soon) include a three-level, 50,000-square-foot Restoration Hardware “RH Gallery,” True Food Kitchen, Madewell, J.Crew, Rothy’s, johnnie-O, Sweetgreen, Fink’s Jewelers flagship, Village Tavern, a new location for Ruth’s Chris Steak House, and an expanded Peter Millar.
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