JLL signs three new tenants at Beacon Partners’ newly renovated 702 Oberlin

RALEIGH, Sept. 6, 2023 - JLL today announced 702 Oberlin, Beacon Partners’ newly-renovated office building in West Raleigh, has secured three tenants, bringing occupancy to 68% just 18 months after purchase. Salas O’Brien signed a 10,000-square-foot lease, American National Bank & Trust Company signed an 8,000-square-foot lease and Mill Creek Residential signed a 3,600-square-foot lease. A full building renovation, including upgrades to the exteriors and lobby, as well as the inclusion of spec suites, was completed in Q2 2023. JLL Raleigh Managing Director John MacDonnell and Vice President Patti Autry handle leasing efforts for 702 Oberlin on behalf of the owner.

The recently signed tenants together will encompass 21,400 square feet of the building. Salas O’Brien, an engineering and technical services firm, is relocating their current Raleigh office and will have 45 to 50 employees occupying the new space, opening by Q1 2024. Mill Creek Residential, a national multifamily developer, has opened its first corporate office in Raleigh at 702 Oberlin. American National Bank & Trust Company, a full-service community bank, will be relocating to West Raleigh and opening in October 2023.

“Our partnership with Beacon Partners has resulted in strong leasing momentum at the building, and we are pleased with the increase in activity following the completion of the capital improvements,” said JLL’s Patti Autry. “With abundant dining and retail options nearby, 702 Oberlin provides an unparalleled office experience in the heart of Raleigh’s Village District. We are confident that its convenient location and ease of access will continue to appeal to users looking to provide an amenitized environment for their employees.”

702 Oberlin is situated adjacent to the Village District, a popular neighborhood mixed-use destination. The building is easily accessible to Downtown Raleigh, I-440 and Wade Avenue. Employees can choose from dozens of nearby restaurant options for lunch, including Chopt Creative Salad Co., Cafe Carolina and Bakery and Cantina 18, among others. Additionally, fitness studios such as Crunch Fitness and CorePower Yoga offer prime exercise opportunities for tenants within minutes from the building.

“The superior location of 702 Oberlin made it a great target for this re-positioning and re-leasing strategy,” said Walker Gorham, Partner and Triangle Market Leader at Beacon. “With the upgrades now complete, we are pleased to offer tenants a modern and amenitized workplace with direct access to best-in-class shopping, fitness and dining in the heart of the city. We look forward to collaborating with JLL to secure additional tenants to complement the exisiting tenant mix.”

Following its acquisition of the building in December 2021, Beacon Partners’ renovation plan included refinishing and upgrading the building's lobby, external facade, common areas, restrooms, and developing over 13,000 square feet in four spec suites. In addition to the recent updates, the building offers plentiful outdoor workspaces and a large patio, as well as highly visible signage options and abundant onsite surface parking spaces. Currently, 702 Oberlin has suites ranging from 2,144 to 8,928 square feet available for lease.

According to JLL’s Q2 2023 Raleigh Office Insight report, the Raleigh-Durham office market has continued to see high demand, especially for quality office space, as companies continue to seek out work environments with plenty of onsite and nearby amenities. Office users continue to flock toward workplaces located in urban-dense environments, looking to provide their employees with convenience and variety. Raleigh also experienced 72,000 square feet of positive absorption in the last quarter, a sign of a stabilizing market despite economic headwinds.