Akridge Adds Iconic Building to Portfolio
New South Ventures sold Trust Building, a 41,000-square foot office asset in the heart of the city. PMC Real Estate Capital arranged the financing through RGA Reinsurance Group.
By Laura Calugar
The Trust Building in Durham, N.C.
Akridge has expanded its presence in the Triangle area with the acquisition of the historic Trust Building in Durham, N.C., from New South Ventures. The 41,000-square-foot asset is one of the city’s iconic buildings. Cushman & Wakefield represented the seller in this transaction, while PMC Real Estate Capital arranged the financing through RGA Reinsurance Group. Akridge, in a joint venture with Stars Investments, is also redeveloping another trophy office building in Washington, D.C.
Located at 212 W. Main St., Trust Building sits on the corner of West Main and Market streets, steps from restaurants and retailers. When it was built, in 1905, the five-story property was the tallest building in North Carolina. According to Yardi Matrix data, the former owner of performed a cosmetic renovation in 2016.
New office project
Akridge made its first move in Durham two years ago, when it decided to invest in 555 Mangum Street, a trophy office building co-developed with Northwood Ravin. Adjacent to the American Tobacco Campus, the property will be one of downtown’s most prominent structures. Akridge and Northwood plan to begin construction work on the 240,000-square-foot building this month.
Sara Owen and David Finger of Cushman & Wakefield represented the seller in the deal, while Joe Svatos and Andrew Welsh represented Akridge. Spencer Wilson of PMC Real Estate Capital arranged the necessary financing.
Image courtesy of Yardi Matrix
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