Falls of Neuse Raleigh Medical Office Building

Category: Medical Office Buildings

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Falls of Neuse Raleigh Medical Office Building is a four-story, multi-tenant medical office building consisting of approximately 77,000 square feet of rentable square feet in Raleigh, North Carolina.  The building is on the campus of WakeMed North Healthplex, with direct access to the facility via covered walkway. WakeMed Health System, one of the region’s largest not-for-profit health systems and the owner of WakeMed North Healthplex, has announced plans to expand the facility into a 61-bed acute care hospital.  The planned expansion is expected to cost approximately $62 million and be completed by early 2015. 

Falls of Neuse Raleigh Medical Office Building is currently 100 percent leased to 13 tenants, the largest of which is WakeMed Health Systems, which leases 66 percent of the building.  More than 55 percent of the medical office building’s square footage is subject to long-term triple net leases that expire between 2019 and 2023.