Once a key piece of the Warehouse District, this office building is now up for direct lease
Citrix’s former headquarters, rebranded and packaged as a “sustainable” design, is now available for direct lease.
The 171,067-square-foot building that used to house the cloud computing company at the intersection of West and Hargett streets is being marketed as 120 West — and a rare “plug and play” opportunity — in the heart of Raleigh’s Warehouse District.
Once the old Dillon Supply warehouse building, it’s been sitting vacant ever since Citrix started pulling out its employees earlier this year. It’s one of several prominent office spaces sitting empty on the market, as the rise of hybrid work, surging interest rates and tech layoffs push sublease vacancy rates to record highs.
Commercial real estate firm CBRE Raleigh has partnered with site selection consultants and Wake County Economic Development to advertise the space.
It was quick to point out its many features: a four-story atrium that features giant shipping containers transformed into conference rooms; and a “stadium-seating” town hall meeting room. Other amenities include fitness center, yoga studio, indoor basketball and racquet ball courts, bike storage, 12,000-square-foot green roof and patio, break rooms, juice bar and restaurant with indoor and outdoor seating. In addition, the site offers an adjacent 521-space deck with covered access.
“We’re confident that [it will be] an enticing choice for companies,” CBRE Raleigh executive vice president Brad Corsmeier said in a release.
The building’s availability brings to an end a Citrix era that began more than a decade ago when the company moved downtown after receiving more than $9 million in state incentives, sparking a resurgence in this one-time industrial zone. At one point, more than 700 Citrix workers filled the remodeled headquarters. But in recent years, the company’s stock plummeted, forcing a $16.5 billion buyout in 2022 and massive layoffs.
CBRE said it’s calling out to companies nationwide that might want to relocate, but it faces a bleak office market.
Roughly 4.4 million square feet of office space is vacant across the Triangle, according to CBRE Raleigh Research’s first-quarter market report. That’s roughly 8.3% of overall market inventory and a new record high, surpassing the previous high-water mark of 5.3% witnessed in the aftermath of the dot-com bust and the 9/11 terrorist attacks.
This story was originally published June 21, 2023 at 6:11 PM with the headline "Once a key piece of the Warehouse District, this office building is now up for direct lease."
CORRECTION: The original version of this story incorrectly stated the building is up for sale. It is up for direct lease.
