Foundry Commercial To Market North Carolina Office Campus

Owned by Innovatus Capital Partners, the property totals more than 190,000 square feet.

Palladian I

Innovatus Capital Partners has appointed Foundry Commercial with the leasing of Palladian Corporate Center in Durham, N.C. Managed by American Real Estate Partners, the two-building, Class A office property totals 190,556 square feet.

Foundry Principal John Kelly and Vice President Patrick Blackley will be in charge of marketing the asset. The 90,010-square-foot Palladian I is located at 220 Leigh Farm Road and is fully occupied; its twin building, the 100,546-square-foot Palladian II, at 240 Leigh Farm Road, is 74 percent leased.

Acquired by the current ownership in 2018 for $55.6 million, Palladian Corporate Center is at the intersection of Highway 54 and Interstate 40, 4.5 miles from the University of North Carolina at Chapel Hill, 7.8 miles from Duke University and within 10 miles of downtown Durham.

Up-to-date amenities at Palladian Corporate Center

Constructed in 2005 and 2007, respectively, the four-story buildings include amenities such as showers and lockers, on-site running trails and controlled access. Each property offers 402 parking spots and 26,000-square-foot floorplates, CommercialEdge shows.

The buildings feature HVAC coil disinfecting, hand sanitizing stations, electrostatic cleaning and indoor air quality tests. New amenities will be added in 2023, and will include a conference center, lounge area and fitness center.

The Triangle region’s office sector remains strong and with the return-to-office movement still ongoing, Kelly expects Palladian II’s availability to be short-lived, he said in prepared remarks. The booming life science market has a large share in the current fundamentals of the office sector nationwide. Earlier this year, bio-systems company TARGAN committed to the first life science-focused facility in the Midtown Raleigh, N.C. area. Dubbed Midtown BioCenter, the 100,000-square-foot property is slated for completion next year.

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