RALEIGH, NC, February 13, 2017 – Cushman & Wakefield announced today that it has negotiated the sales of 401 Foster Street and Triangle Biotechnology Center, located at 323 Foster Street, located in the Central Park District of Downtown Durham. Both properties were 100% occupied at the time of sale.
Cushman & Wakefield Managing Director David Finger and Director Sara Owen represented the seller, Scientific Properties, in the transaction. 401 and 323 Foster Street, which together comprise a total of 27,691 square feet, were acquired by a joint-venture between The Seng Company and Weaver Capital Partners, two private real estate investment firms based in Atlanta.
401 Foster Street totals 9,200 rentable square feet of retail space. The building was originally constructed in the 1930s as a warehouse and in 2005 redeveloped into the space it is today. Tenants include Rise, Piedmont Restaurant, and Urban Durham Realty.
Triangle Biotechnology Center is a single-story office and laboratory building totaling 18,491 rentable square feet. The building is listed on the National Register of Historic Places and was originally built in 1932 as Clark & Sorrell Garage. After extensive renovations in 2001, the center was opened to address a need for R&D facilities in downtown Durham. It is home to two tenants with R&D focus.
“The purchase of Triangle Biotechnology Center and 401 Foster Street is a testament to the continued interest by investors in downtown Durham and the strength of the overall Triangle market,” Owen said. “401 and 323 Foster Street provide an outstanding opportunity for The Seng Company and Weaver Capital Partners to acquire historic buildings with creative space as they expand into the Triangle market.”
Finger added, “This is the most desirable submarket in the Triangle. The asset’s retail and restaurant options and walkability to the Durham Farmer’s Markets and city center make it a strong investment in this evolving Central Park District in downtown Durham.”
Cushman & Wakefield will retain property management responsibilities for the properties under the new ownership.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.