Siemens Energy signs full-building lease at 540 Tech Center in Raleigh

RALEIGH, N.C. (January 27, 2025) — JLL today announces that Siemens Energy, a global leader in energy technology, has signed a 55,279-square-foot lease at 540 Tech Center, an office property spanning a total of 110,500 square feet in Raleigh. Siemens Energy doubled its office footprint at the campus and will now occupy the entire building located at 4912 Green Road. JLL Managing Directors Matt Winters and Kimarie Ankenbrand represented Siemens Energy in the transaction. JLL Managing Director Dennis Hurley represented the landlord.

Siemens Energy provides energy systems for the future, ultimately supporting a transition to a more sustainable world. Its portfolio of products and services includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants, power generators and transformers. In Q1 2024, Siemens Energy announced plans to expand its current operations in Charlotte and Raleigh. Its new office at 540 Tech Center includes lab space that allows the company to build, design and test more equipment. With 250 current employees, Siemens Energy is actively hiring for additional roles that focus on electrical engineering, project management, finance and more. Siemens Energy is expected to occupy the new space in July.

“Siemens Energy needed a space that would not only accommodate its growing team and support hiring efforts but also drive its business forward with lab and flex space options,” said JLL’s Winters. “As Raleigh continues to serve as one of the nation’s leading hubs for life sciences and innovation, we are proud to have assisted Siemens Energy in finding the right location for its next chapter of growth and success.”

Located at 4912-4924 Green Road, 540 Tech Center includes space for research and development, office, flex and warehouse users. Ownership recently completed a series of renovations at the property, including parking lot upgrades, landscape improvements, new signage, refreshed exteriors and modernized restrooms. The newly renovated buildings now feature open ceilings and expansive floor plates, as well as multiple entry points, dock doors, and two on-site generators. 540 Tech Center is centrally located between I-440 and I-540 and is within just 15 minutes of Downtown Raleigh. Milena USA, LLC is the property's landlord, with Property Income Advisors, Inc serving as an advisor.

According to JLL research, Raleigh’s office market is entering a transformative phase. Due to a lack of construction, the market is facing a multi-year hiatus in new office deliveries. JLL experts report that this will increase competition for modernized and strategically located assets, especially those that also offer flex space options. Looking ahead, Raleigh is well-positioned to meet tenant demand, and JLL predicts that early engagement in the market will become crucial for securing high-quality spaces.

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