(Raleigh, NC – July 16, 2013) The Raleigh office of Duke Realty Corporation (Duke Realty) announced today that SciQuest, Inc., a leading provider of cloud-based business automation solutions for spend management, has leased 78,565 square feet in Perimeter Two, its speculative, 206,409-square foot, Class A office building under construction in Morrisville’s Perimeter Park. SciQuest will relocate its headquarters from Cary to Morrisville in August 2014 and will occupy the entire first and second floors of Perimeter Two. With SciQuest’s lease, Perimeter Two is 91 percent leased just 30 days after construction began.
“We are pleased that SciQuest has selected Perimeter Two as its new headquarters, joining three other quality customers who have also signed leases for space in our new property,” said Jeff Sheehan, Senior Vice President for Duke Realty’s Raleigh operations. “When we announced our plans to develop Perimeter Two in May, we felt strongly that the time was right to embark on our first speculative office building in five years and expand our office portfolio in Perimeter Park in the fast-growing Morrisville submarket. Our ability to pre-lease 91 percent of this building one year before it is complete is testament to the appeal of this well-located and easily accessible, mixed-use development and the quality of Duke Realty’s facilities.”
SciQuest will move its operations to Perimeter Two from an office building in Cary that was previously owned and managed by Duke Realty, but which it sold in 2012.
“We’re excited to welcome SciQuest back as a Duke Realty customer and to Perimeter Park,” said Hooker Manning, Vice President of Leasing for Duke Realty in Raleigh. “We began our relationship with SciQuest in 2000 when they first became a tenant at Perimeter Park and extended it when their growth prompted a move to another of our properties. We are pleased to now have this dynamic company back at Perimeter Park.”
“As SciQuest has continued to experience rapid, consistent growth we are quickly outgrowing our current headquarters’ location in Cary,” said Rudy Howard, SciQuest’s Chief Financial Officer. “We are looking forward to our move in 2014 and to being able to provide our North Carolina employees with a new, larger facility that will not only accommodate our current needs, but also allow us to continue to expand.”
Rich Harris, Managing Director of Synergy Commercial Advisors, represented SciQuest in the lease transaction, while Manning represented Duke Realty.
“Seeing the growth at SciQuest over the last few years has been very exciting,” said Harris. “This expansion and relocation is really a culmination of that success. Without question, their approach to this expansion was both thoughtful and strategic. Perimeter Two will be a true headquarters for the company but, more importantly, they are excited to offer their employees some of the additional amenities afforded in an office park the size of Perimeter Park.”
Perimeter Two is being built on a site at the north end of Perimeter Park along the recently extended Carrington Mill Boulevard, which now runs through Perimeter Park from Highway 54 to Slater Road, providing a fifth access point to the park. The five-story building will feature approximately 42,000-square foot floor plates for maximum space planning flexibility, three passenger elevators, and high-end finishes in the common areas. The modern, exterior of the building will be composed of architectural precast concrete and glass panels.
In addition to SciQuest, Fujifilm Medical Systems, a leading provider of medical image and information products and technologies, has leased 42,456 square feet. Compliance Implementation Services, a consulting firm focused on helping life sciences clients proactively manage complex compliance requirements, has leased 23,089 square feet, while MaxPoint Interactive, which specializes in neighborhood targeting technology, has signed a lease for 32,715 square feet.
Parties interested in leasing all or a portion of the remaining 19,616 square feet of space in Perimeter Two or any of Duke Realty’s available properties in the Triangle are invited to contact Hooker Manning at firstname.lastname@example.org or 919.461.8004.
About Perimeter Park
Duke Realty’s Perimeter Park is a master-planned office and industrial park with more than 3.1 million square feet of existing space, and land available for up to another 1.5 million square feet of development. Located less than one mile from Raleigh-Durham International Airport, Perimeter Park is directly accessible from I-40 and I-540. Numerous convenient amenities are located within the Park including a fitness center, conference center, lodging, dining, and medical services. The Park serves as the business address for several major corporations, including Lenovo, Tekelec, and PPD.
About Duke Realty
Duke Realty entered the Raleigh market in 1999 and today owns and manages more than 5.5 million square feet, including office, industrial and medical office properties. Duke Realty’s local offices are located at 3005 Carrington Mill Boulevard, Suite 100 in Morrisville.
On a corporate basis, Duke Realty owns and operates approximately 143 million rentable square feet of industrial and office, including medical office, space in 18 major U.S. cities. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.
With a reputation for deep domain knowledge, a solid customer-driven portfolio, and industry-leading customer satisfaction, SciQuest (NASDAQ: SQI) is the largest public provider of cloud-based business automation solutions for spend management that turn spending into savings. SciQuest solutions enable greater visibility and compliance organization-wide to help you gain control, optimize efficiencies, and reduce spend. These cloud-based solutions are easier to implement and proven to deliver measurable, sustainable value with SciQuest’s high-touch support, analysis and automation. To join the conversation, please visit our blog, The Open Kitchen – or follow us on Twitter @SciQuest.
About Synergy Commercial Advisors
Synergy Commercial Advisors is a commercial real estate services firm providing sophisticated, non-conflict advisory services for its clients. The service lines include tenant representation, project marketing services and investment sales. The firm focuses on providing superior service through its commitment to a methodical, process-oriented approach, advanced technologies and superior market information in achieving clients’ needs.