Hines REIT Buys Durham IBM 500 Campus

Hines Global Income Trust, Inc. (“HGIT”) has acquired the IBM 500 Campus, a 774,000-square-foot property located at 4205 South Miami Boulevard, Durham. The price is reported to be $66 million.

The acquisition expands HGIT’s presence in the region and further diversifies its $3.9 billion portfolio, which is 63% weighted toward the industrial and living sectors. The site offers multiple future redevelopment opportunities. The four-building asset is 100% leased by IBM and situated on 146 acres in one of America’s top life science metros. It is adjacent to the Research Triangle Park, the largest research park in the United States, which is home to 375 research, technology, and ag-bio companies that employ more than 60,000 workers. 

Beyond the IBM 500 Campus, Hines’ presence in the Raleigh-Durham market includes Fenton, the 92-acre mixed-use district in Cary and the Market District at American Tobacco, a 782,000-square-foot mixed-use development in downtown Durham. In addition, HGIT owns Waverly Place, a Whole Foods-anchored retail center in Cary. (The sales price was added to the story after publication.)