Former Citrix offices in Raleigh on the market – recruiters aim for corporate HQ

RALEIGH – Developers and industry recruiters have a prime piece of real estate to offer in Downtown Raleigh to dangle as a lure to bring a company headquarters to the Capital City: The big, modern complex occupied formerly by Citrix.

Commercial real estate firm CBRE|Raleigh is working with Wake County Economic Development as site selection consultants to market the space, CBRE|Raleigh announced Wednesday. It’s a big “plug and play” space, the firm says.

It’s available for lease – not for sale, notes CBRE|Raleigh.

Both the Economic Development Partnership of North Carolina and Wake County Economic Development are positive about prospects. They have said in recent months that a pipeline of potential new corporate tenants considering N.C. locations indicate the Triangle retains its allure as a company destination.

Citrix established a presence in Raleigh with the acquisition of startup Sharefile and quickly established the downtown destination. The software company went private in 2022 and over time decided to leave the space, which covers more than 170,000 square feet – about the size of a Walmart Supercenter but spread across several floors. Located at 120 West Street, the property also includes an adjacent parking garage.

The building is being marketed as www.120westraleigh.com.

CBRE notes it’s “plug and play ready.”

However, the space enters a slowing commercial real estate market. Data gathered by CBRE|Raleigh for the first quarter of 2023 found slowing demand for office space, with a rise in vacancy rates, a spike in sublease availability and only modest increases in asking rents for Class A properties. In the Triangle market – which includes Durham, Orange and Wake counties – total vacancy increased to 17.5 percent

As tech firms tap the brakes, data suggest softening demand for Triangle office property

“CBRE|Raleigh is excited to introduce 120 West to the national market. The fundamentals in this region are exceptional, characterized by a diverse talent pool, top-tier educational institutions, and a pro-business environment. We are confident that the combination of Raleigh-Durham’s vibrant market, coupled with the unparalleled amenities and distinctive features of 120 West, will make it an enticing choice for companies seeking a dynamic and inspiring workplace environment,” said CBRE|Raleigh Executive Vice President Brad Corsmeier in Wednesday’s announcement.

The list of amenities is long, says CBRE: