Investcorp International, a private equity firm headquartered in New York City, struck a deal to acquire the Meridian Corporate Center in Durham, NC for $80.75 million.
The nine-building office park delivered in phases beginning in the late 1980's at the northwest corner of the I-40 and NC-55 interchange in South Durham. It is made up of four Class A mid-rise office properties and five single-story flex buildings for a total of 615,882 square feet.
Meridian Corporate Center is anchored by Paraxel and Parata, which combined account for 25% of the park's total occupancy. Other notable tenants on site include BASF Corp., NVIDIA Corp. and Chimerix.
Ben Kilgore and Brad Corsmeier of CBRE Raleigh and Ryan Clutter of CBRE Washington, D.C. represented American Real Estate Partners in the sale, which also included two pad-ready sites measuring approximately six acres each that can accommodate up to 200,000 square feet of additional office and parking space.
Please see CoStar Comp #3092307 for more information on the transaction.