News Perimeter Park Leasing Totals Close to 442,000 SF in Transactions; New Amenities Underway

Feb 23, 2016
Perimeter Park Leasing Totals Close to 442,000 SF in Transactions; New Amenities Underway

It’s been close to a year since Trinity Partners took over leasing and management of the Perimeter Park portfolio. Since April of 2015, we’re pleased to announce 441,736 SF of new leases, renewals, and expansions at the Class A Morrisville office park.

Acquired in April 2015 by a joint venture between Trinity Capital Advisors, Starwood Capital, and Vanderbilt Partners, the Morrisville office park features 21 buildings ranging from flex to Class A office space.

“Our initial plan was to quickly strike on market momentum, while maintaining a friendly leasing environment and an inviting place to do business,” said William Allen, Trinity Partners’ Director of Leasing and broker for Perimeter Park. “Paramount to our plan is to push overall occupancy to over 95% so that we can continue to develop cost-effective solutions for our existing Perimeter Park customers, and those others that have expressed interest in being here.”

In addition to the 21 existing buildings, Perimeter Park features five build-to-suit development opportunities totaling over 700,000 SF of space that includes Perimeter Five, Six, and Seven.

“Demand at Perimeter Park is as strong as I have seen it in my 10-plus years working on this project,” said Jeff Sheehan, Partner with Trinity Capital Advisors. “That’s why we are going full steam ahead with architectural and engineering design for the next building, Perimeter Five”

In addition to the Park’s development plans, ownership is implementing strategic upgrades to improve the tenant experience and overall park aesthetics, including enhanced signage, an expanded food truck program, and additional on-site tenant amenities and gathering spaces.

“We’ve been working with both existing tenants and prospects to learn more about what they’d like to see as we work to create more of a campus-like environment at Perimeter Park,” said Sheehan. “As a result of that, we’ll soon begin construction on a new tenant fitness center, on-site café, and gathering space at Perimeter 4.”

Perimeter Park owners have allocated 7,207 SF of space in Perimeter 4 for modern new tenant amenities, including a state-of-the-art fitness center and café. The fitness center includes popular equipment like boxing machines and a cross-fit multi-station, locker rooms and showers. The Café will serve the full Starbucks drink menu (operated by Southern Foods) and breakfast, lunch, and snacks. The space will have tables, seating, meeting space, and charging stations with free wi-fi. The new amenity space will open this summer.

Perimeter Park boasts a diverse tenant roster, including Lenovo, Oracle, Credit Suisse, Teleflex Medical, ChannelAdvisor, Fujifilm, SciQuest, MaxPoint Interactive, Novella Clinical, and Trialcard.

“We are in the midst of negotiations with another major group who will further enhance this roster, proving once more that Perimeter Park is the ideal choice for corporate space in the Triangle,” said Allen. “We are fortunate to have taken the baton from Duke Realty in such a healthy and thriving master planned park, and we have no plans of slowing down.”

Notable Transactions: New Tenants
TrialCard Incorporated
73,014 SF at 2250 Perimeter Park Drive

8,556 SF at 3800 Perimeter Park Drive

LMHT Associates, P.A.
9,885 SF at Perimeter One: 3005 Carrington Mill Boulevard

Simplivity Corporation
20,305 SF at Perimeter Three: 3015 Carrington Mill Boulevard

UNC Physicians
27,754 SF at 2000 Perimeter Park Drive

NC Dental
13,342 SF at 2000 Perimeter Park Drive

Notable Renewals and Expansions
MCIMetro Access Transmission Services
5,136 SF renewal at 1500 Perimeter Park Drive

KBR Engineering
35,261 SF renewal at 2450 Perimeter Park Drive

Progress Software
41,800 SF renewal and expansion at Perimeter One