Westport, CT-based Greenfield Partners moved way down I-95 to secure its latest investment, picking up the Research Commons in Durham, NC for $58.7 million.
The five-building office park totals 422,483 square feet and consists of 73,606-square-foot 4101 Research Commons; 83,618-square-foot 4201 Research Commons; 90,893-square-foot 4301 Research Commons; 116,350-square-foot 4401 Research Commons; and 58,996-square-foot 4401 Research Commons. The transaction also includes a 13-acre tract of developable land.
Developed in the late 1980's, the Research Commons is located at the northeast corner of the I-40 and TW Alexander interchange within the acclaimed Research Triangle Park.
The Research Triangle Park houses 170 global companies and more than 40,000 employees across 21 million square feet of office, industrial and retail space. The park is anchored by Barcelona-based pharmaceutical and chemical company Grifols, which occupies 141,328 square feet at 4101 and 4201 Research Commons, and North Carolina Families Accessing Services through Technology (NC Fast), which occupies 95,600 square feet at 4201 and 4301 Research Commons.
Ben Kilgore, Jay O'Meara and Will Yowell of CBRE brokered the transaction on behalf of the seller, Highwoods Properties.
Please see CoStar Comp #3081421 for more information on the transaction.