Grubb Properties and Rubenstein Partners to acquire two class A office buildings
Grubb Properties and Rubenstein Partners have partnered to acquire, renovate and market two Class A office buildings in Raleigh-Durham, North Carolina.
The newly-acquired property, totalling 467,000 square feet, is a two-building campus that telecommunications company Ericsson built in 1995 and 2000. Ericsson was the sole occupant until 2009 when it began a relocation of its local operations as part of an international restructuring.
The campus is located in the RTP / I-40 office submarket of the Raleigh-Durham metropolitan area and is a member of the Research Triangle Park, one of the most prominent high-tech research and development centres in the US. Immediate neighbours of the property include renowned global corporations such as Cisco Systems, NetApp, and Credit Suisse.
"We are excited about the opportunity to reposition this property into a signature headquarters for companies eager to locate or expand in the nation's leading research and development park," says Grubb Properties chief executive Clay Grubb.
Rubenstein and Grubb’s plans for the project include substantial investments in building renovations and campus upgrades. The renovated property will have a 67-acre campus and five-acre lake.
"The former Ericsson property is a perfect example of one of our company's primary value-added investment strategies: repositioning former corporate real estate," says David Rubenstein, senior managing partner of Rubenstein Partners.
Rubenstein and Grubb have a strong track record in the North Carolina markets. Most recently, the groups acquired and repositioned a former GlaxoSmithKline property located in Imperial Centre, just outside the Research Triangle Park. Within the first year of ownership, one of the two buildings - rebranded as Newcastle North and South - was fully leased as a world headquarters to a prominent global supplier of composites and resins. Newcastle South, an 86,000 square foot office building, is still available for lease.
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