Progress Energy To Lease New Raleigh Office Towers

Progress Energy is planning to lease over 450,000 sf in two new office towers to be developed in downtown Raleigh in order to consolidate operations currently scattered in 250,000 sf across Raleigh. The towers, which may rise as high as 18 to 20 stories each, will be located on a two-acre site adjacent to Progress's current 21-story, 250,000-sf office. Progress, providing only the land and the lease guarantee, has issued a request for proposals to 14 development companies and plans to make a selection in April 2002. The $100-million project will include 150,000 sf of office space in the first building to be occupied by Progress, with an additional 300,000 sf of available as residential or retail facilities. In the second tower, which is slated for completion in 2006, the utility will lease approximately 300,000 sf of office space.