Longfellow Acquires Research Triangle Portfolio for $65M
- Feb 04, 2020
Longfellow Real Estate Partners has acquired Perimeter’s Edge, a five-building office/flex portfolio totaling 399,072 square feet in Morrisville, N.C. The buyer paid Singerman Real Estate $64.7 million for the assets, according to public records. This acquisition brings the company’s portfolio in North Carolina to a total of 2.3 million square feet.
Located at 2400, 2450 and 2600 Perimeter Park Drive, 507 Airport Blvd. and 5151 McCrimmon Parkway, the single-story buildings are situated within Perimeter Park, a 3 million-square-foot Class A office development. The campus is 3 miles from Raleigh-Durham International Airport and roughly 6 miles from Research Triangle Park, N.C. Perimeter Park’s amenities include green space, walking trails, several restaurants, hospitality options and fitness facilities.
Completed in 1990 and renovated in 2002, the portfolio will undergo another upgrade. The new owner will execute a capital improvement plan which calls for upgrades to the facade and landscape and converting vacant spaces to modern labs.
Longfellow is also active in western U.S. markets. Last July, the company paid $205 million for Palo Alto Technology Center, a 260,000-square-foot office property in San Jose, Calif.