In 1999, Carolina Power & Light announced plans for a new headquarters tower. The 2000 merger with Florida Progress Corporation which created Progress Energy increased the need for the new building, which at the time had an estimated cost of $60 million. On February 14, 2002, Progress announced that the new project, costing $80 million, would include retail and residential space as well as offices, with a completion date of 2004. The company bought the two-acre site east of the existing headquarters in 2000.[4] In April 2002, Progress selected Carter & Associates of Atlanta to develop the project. The 125,000-square-foot (11,600 m2) first phase would be complete in 2004, with the 300,000-square-foot (28,000 m2) second phase to follow in 2006.[5] Late in 2002, Progress Energy announced its two new office buildings would be built at the same time. Instead, with commercial construction in a slump, Progress planned to speed up the larger project, which would bring together employees from a number of locations, including One Hannover Square, 333 Corporate Plaza and One Exchange Plaza in downtown Raleigh.[6]
The January 2011 announcement that Progress will merge with Duke Energy left the status of Two Progress Plaza in question, since completion of the merger could have indicated that the company needed less space.[7] However, on August 25, 2011, Red Hat announced plans to move 600 employees from its offices on the N.C. State Centennial Campus.[8]
Th 19-story tower was vacated by Progress Energy in 2012. Red Hat's lease began on January 1, 2013, ending August 23, 2035. In 2012, Red Hat estimated it would invest around $30 million in renovating and equipping the building.[9] A ribbon cutting ceremony was held June 24, 2013 in the re-branded Red Hat Headquarters.[10] The logo at the top of the tower was changed in 2019, coinciding with a rebrand at Red Hat.[11]
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