Greystar and PGIM Break Ground on I-40 Overlook
Press Release
February 2, 2026
Raleigh, NC – February 2, 2026 – Greystar, a global leader in rental housing, investment management, development, and property management, and PGIM, the world’s second largest real estate investment manager with $216 billion in gross assets under management and administration,1today announced the groundbreaking of I-40 Overlook, a two-building Class A shallow-bay industrial development in Garner, North Carolina, expanding the firm's logistics platform in the greater Raleigh market.
Located along Interstate 40, I-40 Overlook will deliver approximately 266,040 square feet of modern industrial space across two buildings on 43 acres. Building 1 will total approximately 106,920 square feet and can accommodate one or two tenants, while Building 2 will span approximately 159,120 square feet and is designed to support up to six users. Both buildings will feature 32-foot clear heights, ESFR sprinkler systems, LED lighting with motion sensors, 190-foot truck courts, and tilt-up concrete construction, providing flexible space suited for last-mile and regional distribution users.
The development is strategically located at 425 and 293 Technology Drive with direct visibility from I-40 and is approximately one mile from the interstate. The site offers direct connectivity to I-540, I-42 (Clayton Bypass), I-95, and the broader Research Triangle region, positioning the project near major employment centers and the rapidly growing residential base in East Wake County.
“I-40 Overlook reflects our continued focus on delivering high quality industrial space in markets with strong growth fundamentals and critical infrastructure connectivity,” said William Barrett, Director of Development at Greystar. “This location offers exceptional access and we believe it is well positioned to serve a wide range of users as demand continues to evolve in the Raleigh region.”
PGIM is serving as equity partner on the project, with Synovus, now Pinnacle Financial Partners, providing construction financing. Colliers has been retained as the leasing broker for the development.
Construction is underway, with delivery expected in Q4 2026.
About Greystar
Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in over 260 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than one million units/beds globally. Across its platforms, Greystar has over $79 billion of assets under management, including approximately $36 billion of development assets and over $30 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing $1.5 trillion in assets1, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1As of September 30, 2025, net AUM is $139B and AUA is $49B. PGIM Real Estate is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on ‘Pensions & Investments’ “The Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
2As of September 30, 2025
About Colliers
Colliers is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering, and Investment Management – we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fueled by visionary leadership, significant inside ownership and substantial recurring earnings. With $5.5 billion in annual revenues, a team of 24,000 professionals, and $108 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com
Media Inquiries
Emma Mitchell
emma.mitchell@greystar.com
Located along Interstate 40, I-40 Overlook will deliver approximately 266,040 square feet of modern industrial space across two buildings on 43 acres. Building 1 will total approximately 106,920 square feet and can accommodate one or two tenants, while Building 2 will span approximately 159,120 square feet and is designed to support up to six users. Both buildings will feature 32-foot clear heights, ESFR sprinkler systems, LED lighting with motion sensors, 190-foot truck courts, and tilt-up concrete construction, providing flexible space suited for last-mile and regional distribution users.
The development is strategically located at 425 and 293 Technology Drive with direct visibility from I-40 and is approximately one mile from the interstate. The site offers direct connectivity to I-540, I-42 (Clayton Bypass), I-95, and the broader Research Triangle region, positioning the project near major employment centers and the rapidly growing residential base in East Wake County.
“I-40 Overlook reflects our continued focus on delivering high quality industrial space in markets with strong growth fundamentals and critical infrastructure connectivity,” said William Barrett, Director of Development at Greystar. “This location offers exceptional access and we believe it is well positioned to serve a wide range of users as demand continues to evolve in the Raleigh region.”
PGIM is serving as equity partner on the project, with Synovus, now Pinnacle Financial Partners, providing construction financing. Colliers has been retained as the leasing broker for the development.
Construction is underway, with delivery expected in Q4 2026.
About Greystar
Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in over 260 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than one million units/beds globally. Across its platforms, Greystar has over $79 billion of assets under management, including approximately $36 billion of development assets and over $30 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
About PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing $1.5 trillion in assets1, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions—including fixed income, equities, real estate and alternatives. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
1As of September 30, 2025, net AUM is $139B and AUA is $49B. PGIM Real Estate is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on ‘Pensions & Investments’ “The Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
2As of September 30, 2025
About Colliers
Colliers is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering, and Investment Management – we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fueled by visionary leadership, significant inside ownership and substantial recurring earnings. With $5.5 billion in annual revenues, a team of 24,000 professionals, and $108 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com
Media Inquiries
Emma Mitchell
emma.mitchell@greystar.com