Multiple Leases Signed Within Perimeter Park
Morrisville, NC – November 15, 2021 – IXL Learning, Inc. and CTI Towers have signed new leases within Perimeter Park.
IXL Learning chose to remain in Perimeter Park, and will be relocating their regional headquarters to a significantly larger 45,236 SF space at 1600 Perimeter Park Drive, a four-story, Class-A office building totaling 90,088 SF. The building recently underwent lobby and corridor renovations to refresh the entrance, as well as touchdown seating areas for tenants and visitors. IXL will occupy the third and fourth floors which will serve as their new east coast headquarters. This lease resulted in 22,544 SF on the first floor remaining available for lease.
William Allen, Partner, Office Leasing and Alex Dunn, Broker, Office Leasing at Trinity Partners, represented the landlord, Perimeter Park Offices, LP. (Mapletree), under Mapletree US Income Commercial Trust, Andrew Peceimer of Coldwell Banker Commercial Westbay Real Estate and Brian Farmer of Lee and Associates represented IXL Learning, Inc.
“Our teams deeply value working in spaces that foster close-knit communities and help IXL’s culture of innovation thrive,” said Paul Mishkin, CEO of IXL Learning. “The 1600 Perimeter Park lease renews our investment in Morrisville, brings employees together in a vibrant atmosphere, and helps expand our efforts to serve learners everywhere.”
“We’re thrilled IXL Learning chose to remain in the Park and relocate their east coast operations to 1600 Perimeter Park”, noted William Allen. “Perimeter Park’s convenient and centralized location, campus-like environment, and the diverse workforce it attracts is unparalleled.” added Allen. We are confident it will continue to serve IXL well.”
CTI Towers has signed a lease for 2,535 SF on the first floor of 3300 Paramount Parkway, also in Perimeter Park. Their lease commences on April 1, 2022, leaving 2,742 SF on the first floor available for lease. This newly constructed 97,463 SF, three-story, Class-A office building was recently awarded BOMA’s prestigious International TOBY (The Outstanding Building of the Year) award.
Trinity Partners’ William Allen and Alex Dunn represented the landlord and Lewis Sloan with Davis Moore Advisors represented CTI Towers.
Mr. Michael Smith, Regional Chief Executive Officer, Europe and USA, Mapletree said, “With further economic recovery in the US, we expect commercial real estate fundamentals to normalize and office leasing to gain momentum as workers return to their offices and travel resumes. When we acquired assets in Perimeter Park in September 2020, it included approximately 112,000 square feet of undeveloped land, which has the potential to be developed into a 150,000 square foot office building.”
“The market recognizes Perimeter Park as a world-class corporate campus. Respected corporate neighbors, relevant and convenient amenities, above standard parking, and an environment that allows tenants to attract and retain top talent is what appeals to high-profile companies,” noted Allen.
Perimeter Park, located in Morrisville is just minutes from the Raleigh-Durham International Airport and strategically positioned off I-540 and I-40, bordering Airport Boulevard and Highway 54. The Park continues to evolve through improvements and expansions that include Food Truck Tuesdays, the addition of a modern fitness center with locker rooms and showers (second in the Park), tenant lounge with Wi-Fi, an expansive conference center amenity, and a large pocket park that includes bocce and a putting green. Additionally, five new office buildings have been constructed and added to the Park over the past 4 years due to the high demand of Class A office space in the heart of the Research Triangle. Learn more about Perimeter Park at PerimeterParkOffice.com
Mapletree Investments (“Mapletree”) is a leading real estate development, investment, capital, and property management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects and delivers consistent and high returns across real estate asset classes. As of March 31, 2021, Mapletree owns and manages $66.3 billion of office, retail, logistics, industrial, data centre, residential, and lodging properties. The Group manages four Singapore-listed real estate investment trusts (“REITs”) and six private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, Europe, the United Kingdom (“UK”) and the United States (“US”). The Group’s assets are located across 13 markets globally, namely Singapore, Australia, Canada, China, Europe, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US, and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.
ABOUT TRINITY PARTNERS
Trinity Partners is a full-service commercial real estate firm serving corporate users and institutional owners throughout the United States, with ten service lines ranging from landlord and tenant representation to property management and investment sales. We’re known for our entrepreneurial spirit, best-in-class performance, and our respected team of commercial real estate professionals, who are directly responsible for our company’s success and collaborative culture. We currently lease and/or manage over 25 million square feet of office, industrial, mixed-use, and retail space across the region through our four offices in Charlotte and Raleigh, North Carolina, and Greenville and Columbia, South Carolina.
ABOUT IXL LEARNING
Currently used by 12 million students and in all of the top 100 U.S. school districts, IXL is an integrated learning platform that supports personalized learning in math, English language arts, science, social studies and Spanish. With more than 90 billion questions asked and answered around the world, IXL is helping schools and parents successfully boost student achievement. The IXL family of products also includes Rosetta Stone, Wyzant, Education.com, ABCya and Vocabulary.com. To learn more about IXL, visit www.ixl.com, facebook.com/IXL and twitter.com/IXLLearning.
ABOUT CTI TOWERS
Formed in 2011 with an investment from Comcast Ventures, CTI Towers grew its portfolio to 300 towers before divesting assets in March 2015. The Cary, NC-based company soon thereafter began to rebuild its portfolio through acquisitions and has grown the company to over 1000 towers under its management. The company leases tower space to the Big 3 regional carriers (Verizon, AT&T, and T-Mobile), along with broadcasters, utility companies, Internet service providers, and governmental entities. Learn more at ctitowers.com
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