A partnership between Akridge and Alcion Ventures has broken ground on 949 Washington Street, a 37,500-square-foot life science and office redevelopment in Durham, N.C.
The property was formerly home to Durham’s Brame Specialty Company and will be redeveloped into a Class A life science and creative office building. The property was originally constructed in 1955 and includes a roughly 37,500-square-foot building with second-story loft space. The redevelopment of the building will include additional industrial-style windows and doors, new exterior canopies and metal details, newly installed skylights and upgraded roof, mechanical, HVAC and fire/life safety systems.
Construction on the property, which began in March, is slated to take approximately six months. Akridge and Alcion secured a construction loan from Boston Private Bank and selected McDonald York Construction Company as their general contractor. Additionally, Mac Hammer, Stacy Mbithi, and Doug Cook of Cushman & Wakefield have been tapped to lease the property.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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