{"id":1004316170,"date":"2019-04-12T01:58:21","date_gmt":"2019-04-12T09:58:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004316170"},"modified":"2021-05-15T04:23:53","modified_gmt":"2021-05-15T12:23:53","slug":"triangle-office-building-changes-hands-in-58m-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/","title":{"rendered":"Research Triangle Office Building Changes Hands in $58M Deal"},"content":{"rendered":"
\"\"<\/a>

Forty540. Image via Google Street View<\/em><\/p><\/div>\n

Align Technology Inc. has acquired Forty540, a Class A, five-story office building in Morrisville, N.C., from a joint venture between FCP and Strategic Capital Partners, for $58.1 million. The two sellers originally acquired the site in November 2015, then developed and opened the building in early 2017.<\/p>\n

\u201cFrom the standpoint of leasing activity, it\u2019s been a good market and the activity was good,\u201d <\/em>Rich Horn, SCP\u2019s president & CEO, told Commercial Property Executive<\/em>. \u201cThe main driver to sell was our tenant kept growing in the building and wanted to own it if they could, so we reached an agreement.\u201d<\/em><\/p>\n

Align Technology was the first tenant at the building, signing an initial 60,000-square-foot lease in 2016<\/a>, and then added an additional 21,519 square feet<\/a> in June of 2017. The tenant roster also includes Solar Winds, which has approximately 82,000 square feet in the building. Forty540 was fully leased at the time of sale.<\/p>\n

A busy submarket<\/h2>\n

Located at 3030 Slater Road in North Carolina\u2019s Research Triangle Park, the 200,000-square-foot office development features a social hub with food options, outdoor seating and a fitness center. Forty540 is located at the intersection of interstates 40 and 540, in the Research Triangle Park\/I-40 submarket of Raleigh-Durham, N.C. <\/p>\n

\u201cMorrisville and the larger area of Parameter Park is a major office submarket in the Raleigh-Durham area and the property is very accessible to the airport, Chapel Hill and Raleigh,\u201d <\/em>Horn said. \u201cIt\u2019s where a lot of larger users can draw from a wide employee base.\u201d<\/em><\/p>\n

CBRE\u2019s Jason High and Ham Southworth represented the buyer in the transaction, while the firm\u2019s Brad Corsmeier and Ed Pulliam handled the lease deal on behalf of the joint venture.  <\/p>\n","protected":false},"excerpt":{"rendered":"

Global medical device company Align Technology, a tenant of Forty540 since it opened in 2017, acquired the asset in Morrisville, N.C., from its developers.<\/p>\n","protected":false},"author":451,"featured_media":1004179684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1604],"tags":[32789,42182,33289],"class_list":["post-1004316170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-raleigh-durham","tag-cbre","tag-fcp","tag-strategic-capital"],"acf":[],"yoast_head":"\nResearch Triangle Office Building Changes Hands in $58M Deal - 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\/triangle-office-building-changes-hands-in-58m-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Research Triangle Office Building Changes Hands in $58M Deal\" \/>\n<meta property=\"og:description\" content=\"Global medical device company Align Technology, a tenant of Forty540 since it opened in 2017, acquired the asset in Morrisville, N.C., from its developers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-12T09:58:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T12:23:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/forty540.png\" \/>\n\t<meta property=\"og:image:width\" content=\"949\" \/>\n\t<meta property=\"og:image:height\" content=\"712\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/\",\"name\":\"Research Triangle Office Building Changes Hands in $58M Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/forty540.png\",\"datePublished\":\"2019-04-12T09:58:21+00:00\",\"dateModified\":\"2021-05-15T12:23:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/triangle-office-building-changes-hands-in-58m-deal\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/forty540.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/forty540.png\",\"width\":949,\"height\":712,\"caption\":\"Forty540. 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