Atlanta & Southeast News In Your Inbox
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Turnbridge Equities Acquires 180K-SF Office Tower in Durham
Turnbridge Equities has acquired Tower at Mutual Plaza, a 15-story, 180,000-square-foot office tower in Durham, N.C. The sales price was not disclosed.
Located at 411 West Chapel Hill St., the office tower is located adjacent to the American Tobacco District of Durham. The tower is formerly the city’s tallest and previously served as the headquarters for North Carolina Mutual Life Insurance Co. Currently, the building is home to a mix of public and private tenants, including Duke University, Duke Health, the Department of Veterans Affairs and global architecture firm Perkins and Will. Prior ownership implemented an $11 million renovation of the property.
Turnbridge acquired the building through a mortgage foreclosure after acquiring a subordinate interest in the property’s loan which the borrower defaulted on in December 2019. The loan balance at the time of foreclosure was $37.2 million. Turnbridge obtained debt financing from Knighthead Funding LLC for the acquisition of the property. The seller was not disclosed.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
