Crescent has signed a lease commitment with Waverly Place owner Zapolski + Rudd of Durham to anchor the first office building within the Waverly Place complex.
Crescent will occupy more than half of the 110,000-square-foot, five-story office building expected to open in November 2009.
Crescent State Bank President and CEO Mike Carlton says the bank had been searching for a new headquarters location for about six months before signing the deal at Waverly.
"We wanted to keep the headquarters in Cary if possible, and there's not much available (office space) in our market," he says. "We've got deadlines pending with leases expiring, and we are convinced the plans for Waverly are going to convert this to a nice focal point for the community."
Specialty grocer Whole Foods also has signed a deal to relocate its Waverly Place store to a larger 55,000-square-foot location on another part of the Waverly Place property at the southwest corner of Kildaire Farm Road and Tryon Road. The Wachovia bank branch at Waverly Place will also relocate within the center.
Demolition of much of the existing 181,500-square-foot Waverly Place center will begin within the next couple of months, and construction is expected to start in spring 2008, says Luis Rios, managing director of Zapolski + Rudd.
The new office space at Waverly Place will be a step up for Crescent State Bank, which has operated its headquarters from an 8,100-square-foot red brick building at Preston Corners on High House Road since 2000. That lease expires in November 2009. Crescent opened a 12,500-square-foot operations center at 206 High House Road in Cary in 2005.
The bank is expected to consolidate its headquarters and operations into the new Waverly Place office building, which will have drive-through bank branch services.
Crescent has been on a steady growth path since it was founded in Cary in 1998. The bank opened its 12th branch location in eastern North Carolina in Knightdale on Dec. 3 and acquired Wilmington's Port City Capital Bank in 2006, adding its first branch on the North Carolina coast. Crescent employs 130 people at its offices in Cary, Apex, Clayton, Garner, Holly Springs, Knightdale, Sanford, Southern Pines, Pinehurst, Raleigh and Wilmington.
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source: bizjournals.com
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