Rapidly expanding LexisNexis, which has added roughly 120 jobs in the past 19 months and continues to hire, is shifting its Triangle operations from Cary to Raleigh.
LexisNexis announced Thursday that it has leased a 120,000-square-foot building on N.C. State’s Centennial Campus previously occupied by Red Hat. Red Hat vacated the building when it shifted its corporate headquarters to downtown Raleigh, a move that was completed in June.
“We are taking over the Red Hat lease,” said Michael Lipps, managing director of LexisNexis’ Business of Law Software Solutions division, which accounts for the bulk of the 247 employees the company now has in Cary. That division provides software tools that help law firms and corporate law departments run more efficiently.
Red Hat officials had no immediate comment about the deal. A second building that Red Hat occupied in Centennial Campus already was subleased to Raleigh-based telecommunications company Bandwidth.
LexisNexis will have more than double the space it currently occupies in Cary’s Regency Park, enough to house up to 650 workers – giving the company plenty of room for future expansion.
In February 2012, LexisNexis announced it would create a “center of excellence” in Cary and add 350 high-paying jobs – average salary: $91,644 – over five years. At the time, the company, which will receive $8.9 million in state incentives if it meets its hiring and investment targets, had about 125 workers in Cary.
Today LexisNexis is seeking to fill 27 open positions and Lipps anticipates the company will have 275 to 300 workers by the end of the year.
That’s not enough people to fill the new building right now. So Lipps said that one option is to sublease some of the space in Centennial Campus to someone else, but he added that other divisions at LexisNexis and its corporate parent, London-based publishing giant Reed Elsevier, “will want to take a look” at the space as well. Reed Elsevier has more than 30,000 employees worldwide.
The move is necessary because LexisNexis is “bursting at the seams” at Regency Park, Lipps said.
LexisNexis sees Centennial Campus as a recruiting tool.
“There’s an energy and enthusiasm that comes from being on a college campus,” Lipps said. “From a recruiting standpoint, this is where you want to be.”
Centennial Campus has more than 65 tenants in more than 30 buildings on 1,200 acres.
“We are 99 percent full,” said Terri Lomax, vice chancellor for research, innovation and economic development at N.C. State. “We’re looking for closets at this point.”
Centennial Campus refers to its tenants as partners because they’re expected to forge links with the university.
“There are lots of different ways they can partner,” said Lomax, including providing student internships, sponsoring research and licensing university technology.
LexisNexis is a great addition, she said, because “they really fit in with our emphasis on big data and analytics and software.”