Two Hanover Square

Two Hanover Square is a 29-story office building was the tallest building in downtown Raleigh when it opened in 1991. The building is located on Fayetteville Street in Raleigh with 433,900 square feet of office space. AAC as an investor and lead operating partner led an investment group that bought the building just over a year after it was completed but was essentially vacant. AAC negotiated a purchase price of $18.5 million with the bankruptcy court that had taken control of the building. At time of purchase, the property was approximately 30% leased, AAC handled completing the unfinished interior and repositioned the building. Upon leasing the building to stabilization, over 70% leased, AAC sold its interest in the building.