Tuesday, May 17, 2022
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22-story FNB Tower opens, adding to downtown Raleigh’s sparkle

[/media-credit] First National Bank Tower at 501 Fayetteville Street, Raleigh

Veteran Raleigh developer Andy Andrews and  Dominion Realty Partners officially opened the capital city’s newest office building this week, the 22-story FNB Tower at 501 Fayetteville Street. Its anchor tenant is Pittsburgh-based First National Bank, which wants  to build a big business in the state after buying Yadkin Financial Corp.

“We are thrilled to open this project on time and on budget as this day is not only monumental for the entire development team, but also for the City of Raleigh,” DRP CEO Andrews said in a statement. More than 2,000 people took part in planning and constructing the building, which is partly owned by a New York Life Insurance Co. subsidiary.

The tower is adjacent to the Raleigh Convention Center and Marriott City Center hotel. It includes 156,000 square feet of office space and 239 apartments called The Faye at 511 Fayetteville Street. Monthly rent runs from $1,145 to $3,900 a month, according to Apartments.com.

The McGuire Woods Law Firm and DRP have signed leases for office space, joining FNB, which is taking 40,000 square feet.

“Andy has set the bar for quality, mixed-use, green development, bringing together Fayetteville’s past and future,” Raleigh Mayor Mary Anne Baldwin said in a press release.

DRP is also developing a 29-story tower, also anchored by FNB, in downtown Charlotte. It is slated to have 156,000 square feet of office space and 196 apartments.

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David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.

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