Office Building Sold for $13M in North Carolina

February 23, 2011 / Elizabeth Buckley, Commercial Property Analyst

The Atlanta real estate investment firm has recently acquired an office building in Durham, North Carolina. The Brookdale Group paid $13.6 million for the four-story office building located at Durham’s Imperial Center, a business park in North Carolina. The 105,363 square feet Nottingham Hall was acquired by Brookdale Group from Herndon, Virginia-based American Real Estate Partners, which bought the commercial property in December 2004 for $13 million.

Office Building Sold for $13M in North Carolina

Inline with office building investment and acquisition strategy, a tallest commercial office building in Dublin, Ireland is recently purchased by Google for $140 million from Real Estate Opportunities. The internet company, according to company information, will be using the property for its business activities in the city and neighbouring districts.

Brookdale acquired the office building February 14, 2011, according to deed records from Durham County. According to company information, the commercial property is now 10-years old, which means, it was completed around 2001.

The Class A office space in this office building was acquired, according to company records, through its Investors Six LP, real estate fund, which is said to have raised about $410 million to acquire an office assets.

The office building is 93 percent occupied by major tenants including the subsidiary of Celgene Corp. — Abraxis Bioscience, a global bio pharmaceutical company, Infineon Technologies — a company that produces semiconductors and system solutions, including memory, power, microcontrollers, communications, and consumer products, and BioCryst Pharmaceuticals — a pharmaceutical company based in Birmingham, Alabama.

The investment firm owns other commercial real estate properties in North Carolina, including land properties in Wilmington and Mooresville.

Cassidy Turley’s Washington, DC and Raleigh offices represented American Real Estate Partners, the seller of the office building for the sales transaction.

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