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Innovatus Pays $55M for Palladian Corporate Center

Clarion Partners Sells 210,000 SF of Class A Office Space in Durham
January 22, 2018
Innovatus Capital Partners LLC, a New York-based investment firm, acquired the Palladian Corporate Center office park in Durham, NC from Clarion Partners LLC for $55 million, or approximately $265 per square foot. The buyer also secured acquisition financing with Citizens Bank.

This purchase marks as the buyer’s second acquisition in the Raleigh/Durham market, previously purchasing two buildings within the Keystone Office Park in Morrisville, NC last March.

Palladian Corporate Center is made up of two Class A office buildings. Palladian I totals 105,100 square feet and delivered in 2005 at 220 Leigh Farm Rd., while Palladian II totals 104,620 square feet and delivered in 2007 at 240 Leigh Farm Rd.

The 209,720-square-foot office park is located a few blocks from UNC-Chapel Hill’s Urgent Care center and is in close proximity to Duke University. Collectively 98 percent leased at the time of the sale, major tenants within the Palladian Corporate Center include American Institute of Certified Public Accountants (AICPA), Northwestern Mutual and Eco-Site LLC.

The Holliday Fenoglio Fowler LP (HFF) investment advisory team of Ryan Clutter, Scot Humphrey and Chris Lingerfelt represented the seller in the transaction. Brent Bowman of HFF’s debt placement team arranged the acquisition loan on behalf of the buyer.

Please see CoStar COMPS #4114233 for more information on this transaction.
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