Prudential Real Estate Investors, a Madison division of Newark-based Prudential Financial Inc., announced Wednesday it has agreed to enter a $54 million joint venture with Virginia-based Dominion Realty Partners.

The venture will build Charter Square, an 11-story office property in downtown Raleigh, N.C..

The 236,000 square-foot Charter Square building will be at the corner of Lenoir Street and Fayetteville Street, the main thoroughfare of the downtown business district. According to the announcement, since 2006, more than 200 new businesses have opened in the downtown submarket, and more than 1,200 apartments are under construction.