Durham’s Headquarters Park Changes Ownership
- Sep 15, 2015
CBRE|Raleigh has finalized the sale of Headquarters Park, on behalf Transwestern Investment Group. The property was sold for $6.6 million, according to the Triangle Business Journal, and the asset’s new owner is Charlotte-based Grubb Properties.
The office property is composed of two four-story class B buildings known as Headquarters Park Alpha and Headquarters Park Beta. The asset reaches 147,477 square feet of rentable space on 16 acres of land and its amenities include three tennis courts, a volleyball area and picnic tables.
“The vacancy of the park provided a great redevelopment opportunity for Grubb Properties,” said in a prepared statement Ben Kilgore, executive vice president of CBRE|Raleigh. “The limited inventory of large block options in the market creates leverage for Headquarters Park. Grubb Properties intends to redevelop this asset as a class A office environment that should compete favorably in the improving Triangle market place.”
Grubb Properties plans to redevelop Headquarters Park and do a complete overhaul on the electrical and mechanical systems, as well as renovations for the Alpha and Beta’s interiors and exteriors.