NC Mutual Office Tower Undergoing $11M Revamp
- May 08, 2018
New South Ventures is investing $11 million in the transformation of the NC Mutual building, a landmark office tower in downtown Durham, N.C. The 14-story property, currently dubbed Legacy Tower, will be rebranded as The Tower at Mutual Plaza. Completion is estimated for September 2018.
Situated at 411 W. Chapel Hill St., the asset was constructed in 1965 to serve as the headquarters of North Carolina Mutual Insurance Co., known today as NC Mutual. The insurance company is still located at the property, along with other notable tenants including Duke University and its affiliates, the Veterans Affairs and GoTriangle. Architecture and design firm Perkins+Will signed a 12,000-square-foot lease at the building in the summer of 2017.
The improvement program will feature the addition of 16,000 square feet of first-floor and mezzanine space, a remodeled and expanded lobby, exterior facade restoration, card access security system and mechanical and HVAC modernization. Once complete, the building will boast 183,000 square feet of Class A office space.
Further enhancements will include AV-equipped common conference rooms, a fitness center, tenant storage rentals and indoor bike parking. A plaza with outdoor seating areas is also part of the modernization plan. In addition, the property features 15,000 square feet of shared office and co-working space.
“This renovation and rebranding demonstrates our continuing commitment to investing in downtown Durham. We’re also proud of maintaining a high level of inclusion and community connection and adding tremendous value for our current and future tenants,” Michael Lemanski, CEO of New South Ventures, said in prepared remarks.
“This building represents the significant impact Black entrepreneurship had in Durham during the 1960s that extends today. We look forward to bridging the stories of the past with the stories of future innovators and creatives by restoring key elements of the building and blending them into a space with a more modern look and feel,” Carl Webb, one of the project’s investors, added.
Avison Young is spearheading leasing efforts at the property, while Built Form oversees architecture and Gilbane Building Co. is the construction manager. Progressive Design Collaborative, McNamara-Salvia and Stewart are also part of the project team.
Renderings courtesy of The Tower at Mutual Plaza