Global Mutual Buys Triangle Office Park for $81M
- Jul 26, 2019
Greenfield Partners has sold Research Commons, a 429,758-square-foot Class A research office campus in Durham, N.C., for $81.4 million, according to Yardi Matrix. The buyer, Global Mutual, financed the acquisition with a $61.6 million loan from BBVA Compass Bank. The mortgage bears a variable interest rate over its five-year term.
Located at 79 T.W. Alexander Drive, the five buildings are situated in the Research Triangle Park submarket on a 59-acre parcel north of Interstate 40’s intersection with the Durham Freeway. The area’s properties are heavily research-focused: Yardi Matrix shows more than half of the 7.9 million square feet of office space within 2 miles of the campus have a strong research component.
The property was 95.8 percent leased at the time of the sale. The asset’s tenant roster includes G1 Therapeutics, Grifols, North Carolina Department of Health and the Statistical and Applied Mathematical Sciences Institute. There is also room for 270,000 square feet of future development on the site.
JLL Capital Markets’ Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda represented the seller in the deal. Late last year, the same team facilitated the $69 million sale of a 255,000-square-foot office campus 7 miles to the west.