Bloc [83] T1 & T2 began in 2015 with the acquisition of four parcels of land at the nexus of the Warehouse District and Glenwood South in downtown Raleigh, NC.
The multi-phased ground up development project was the result of a 13 parcel assemblage that once represented block #83 on the historical Sanborn maps. Playing tribute to the area, the project was renamed Bloc[83] and a new district was formed. The development consisted of over 450,000 SF highly amenitized office space, 45,000 SF destination retail space, two parking garages, a design-winning urban courtyard, and the entilement and land sale of a 126 key boutique hotel. Heritage sold Bloc[83] T1 & T2 in December 2021 for $330,000,000 becoming the largest single asset trade in North Carolina’s history.
T1 (1 Glenwood Ave) began construction in 2017 with 50% of the office space preleased and was completed in March of 2019. The office component of the project was nearly 100% leased at completion and T1 set a new market standard for workplace amenities and building design. While T1 was under contstruction, Heritage was succesful in acquiring additional parcels of land and began crafting the planning of T2 and the ultimate Bloc[83] district. T2 (621 Hillsborough Street) began construction in 2020 and was completed in late 2021. The project was sucessful, landing Envestnet (NYSE: ENV) as the anchor tenant and quickly reaching over 75% occupancy prior to completion.
