The Triangle Business Journal reports that Red Hat is moving into the Progress Energy building at 100 East Davie Street. More at:
Red Hat to move HQ to Progress Energy building via TBJ
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- None right now. Must be a new project.
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Moving to downtown was the right decision for Red Hat, so I am happy about it. What a shame that PE/Duke Power is going to abandon downtown, but getting Red Hat is not small change. 600 Raleigh-based positions plus 540 new ones in the near future is something to cheer about.
Congratulations and many thanks to all those who worked hard to keep Red Hat in Raleigh and bring them downtown. Without their persistence PE’s void would have been hard to fill. Thanks to Red Hat’s decision makers for seeing the benefits of operating out of downtown.
Getting RedHat is great.. pity Progress Energy is getting lost to Charlotte and Centura is heading to Miami. Raleigh needs a few more big hitters to make it up. Sears is still looking to move somewehre, I understand. Perhaps another big tenant can step up too.. make it worthwhile to start putting other downtown amenities around. RedHat-ers are going to want some fun, conveneient amenities. Dave & Busters??? Whole Foods?? BoneFish?
I have been a firm believer of two possibilities: 1) First Citizens Bank moving back to downtown, and 2) if Red Hat was to choose downtown – like they did – we can easier attract technology companies. Not to compete with RTP, but merely provide an environment where technology companies can feel like home.
If PNC Financial removes the entire RBC Bank operations from downtown it will be a major blow to the image of our city, IMO. Obviously, Duke Power doesn’t give a rat’s a** about DT Raleigh, so let them disappear, but we still need more corporate entities to take over the empty space, and hopefully provide opportunities for local developers to deliver their projects (i.e. The Edison, Charter Square).
This move will be great for Raleigh, and importantly brings a larger “creative class” employer downtown. I think it will change the character of downtown for the positive.
I wonder what if anything has come of Fifth Third bank looking downtown for a significant presence. Obviously this isn’t the best time for the banking/financial sector, but if it happens it could help to fill the gap left by RBC’s move.
http://www.newsobserver.com/2010/07/21/590528/fifth-third-bank-plans-to-build.html
Jennifer,
Fifth Third Bank is a mystery to me… On one hand they want their logo in the skyline, on the other they only need 50,000sf of space, hardly enough space to justify spending money on naming rights. Besides, all the major buildings already have logos on their top, with the exception on One Progress Plaza. This may provide an opportunity.
Charter Square may be a good choice, but the developers would look to prelease more than 50,000sf of space. If Fifth Third Bank can’t lease in a high-rise, there may be other opportunities, like Powerhouse Plaza and the L Building, both of which could offer some visibility if the bank’s logo is placed correctly.
Here is another thought: How about SunTrust in DT Durham? If they vacate their current location due to the conversion of that building, where will they go. If Greenfire can build their envisioned building in the parcel across, then I can see them moving there, otherwise I wonder if SunTrust is toying with the idea of relocating to a non-DT Durham location. I don’t want to “steel” from our neighboring city, but if SunTrust has plans to move out, could DT Raleigh be a desired destination?