By Veronica Grecu
Durham, NC—Keystone 200 and 300, a pair of Class A office buildings located within Keystone Office Park, changed ownership in a deal valued at $45 million.
Scot Humphrey, Ryan Clutter and Chris Lingerfelt of HFF, marketed the properties on behalf of the seller, American Real Estate Partners, and procured the buyer, an affiliate of New York-based Innovatus Capital Partners. Additionally, HFF’s Brent Bowman secured the acquisition loan on behalf of Innovatus.
Located at 530 and 430 Davis Drive and across the street from Research Triangle Park, the two office buildings are situated close to Interstates 40 and 540 and the Triangle Expressway, which provide easy access to downtown Raleigh, downtown Durham, Cary, Chapel Hill and the Raleigh-Durham International Airport. Both properties are close to academic institutions such as Duke University, The University of North Carolina Chapel Hill and North Carolina State University.
“The Raleigh-Durham market has been experiencing robust growth and investors are paying more and more attention as a result,” Bowman said in prepared remarks. “We continue to see lenders compete aggressively on high quality, well-leased suburban office properties and expect that trend to continue throughout 2017,” he added.
Completed in 2000, the three-story Keystone 200 building encompasses 70,912 square feet of space and is fully occupied by the National Institute for Environmental Health Sciences, whose lease will expire in 2023. The property also includes 284 parking spaces and two passenger elevators. Keystone 300 was built in 2001 and encompasses 152,266 square feet in five floors, also offering 724 grade level parking spaces. The building’s anchor tenants are the K&L Gates law firm and Kowa Research Institute. Both buildings offer access to a fitness center located nearby at 630 Davis Drive.
Innovatus Capital Partners formed in New York City in September 2016 as an independent investment adviser and portfolio management firm established by co-founders David Schiff and Andrew Dym.
Images via Yardi Matrix