{"id":1004076337,"date":"2013-06-05T13:40:03","date_gmt":"2013-06-05T21:40:03","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=137046"},"modified":"2020-05-12T00:33:17","modified_gmt":"2020-05-12T08:33:17","slug":"erwin-square-plaza-in-downtown-durham-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/erwin-square-plaza-in-downtown-durham-changes-hands\/","title":{"rendered":"Erwin Square Plaza in Downtown Durham Changes Hands"},"content":{"rendered":"<p><!--[if gte mso 9]&gt;--><\/p>\n<p><!--[if gte mso 9]&gt;--><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/Erwin-Square-Plaza-Durham.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-137048\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/06\/Erwin-Square-Plaza-Durham.jpg\" alt=\"\" width=\"240\" height=\"300\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In a $37.5 million deal, Federal Capital Partners of Maryland has acquired the 10-story Erwin Square Plaza office building in downtown Durham from National Asset Services Inc. of Los Angeles. Ben Kilgore at CBRE represented the seller in the transaction.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Located at 2200 West Main Street in the master-planned Erwin Square Development, the property offers 215,048 square feet of office space, as well as 23,744 square feet of retail and a four-level parking deck. Duke University and Duke University Health System-related companies and organizations are among the building\u2019s tenants, which has a current occupancy rate of 96.2 percent.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cErwin Square Plaza is of very high quality and is well-located in downtown Durham, which has seen enormous growth and revitalization in the last 10 years. The Durham CBD is experiencing healthy demand for office space, and the property has maintained a 95 percent+ occupancy since 2007. We look forward to renovating the property back to its institutional-grade potential and repositioning the important retail portion of the property,\u201d FCP Managing Partner, Esko Korhonen said in a statement. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Federal Capital Partners now has controlling interest in or has provided financing for more than 350,000 square feet of commercial space and nearly 2,000 apartments in the Triangle area. This includes the 156-unit West Village community currently under construction in downtown Durham. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">In other news, Blue Cross Blue Shield of North Carolina is expanding its Durham campus on University Drive with the acquisition of two office buildings.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <em><a href=\"https:\/\/www.newsobserver.com\/2013\/05\/31\/2930207\/blue-cross-leaving-landmark-chapel.html\" rel=\"nofollow\" >NewsObserver<\/a><\/em>, the company has purchased University Place 4 and University Place 5 for a combined $10 million. Together, the properties offer approximately 100,000 square feet of space. The new acquisitions will enable Blue Cross to relocate its operations from the current headquarters in Chapel Hill to Durham by next year.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Blue Cross is North Carolina\u2019s largest insurer, with more than 4,000 employees across the state. The company now owns about 560,000 square feet in eight buildings at its University Place corporate campus in Durham.<\/span><\/p>\n<p class=\"MsoNormal\"><em><span lang=\"EN-US\">Photo credits: CBRE<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a $37.5 million deal, Federal Capital Partners of Maryland has acquired the 10-story Erwin Square Plaza office building in downtown Durham from National Asset Services, Inc. of Los Angeles. Ben Kilgore at CBRE represented the seller in the transaction.<\/p>\n","protected":false},"author":1269,"featured_media":1004505646,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,21785,1604],"tags":[],"class_list":["post-1004076337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-property-management","category-raleigh-durham"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Erwin Square Plaza in Downtown Durham Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/erwin-square-plaza-in-downtown-durham-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Erwin Square Plaza in Downtown Durham Changes Hands\" \/>\n<meta property=\"og:description\" content=\"In a $37.5 million deal, Federal Capital Partners of Maryland has acquired the 10-story Erwin Square Plaza office building in downtown Durham from National Asset Services, Inc. of Los Angeles. 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