Tower at Mutual Plaza in Durham, NC acquired by Turnbridge Equities
Turnbridge Equities, a real estate investment and development firm, has completed its acquisition of Tower at Mutual Plaza (also called 411 West Chapel Hill Street) in Durham, North Carolina.
The 15-story property, which stands on a 180,000 square foot area, is a Class-A office tower that is located near the American Tobacco District.
The Tower at Mutual Plaza was previously the headquarters for North Carolina Mutual Life Insurance Company. Currently, the building hosts the insurance company along with a mix of diverse public and private tenants that include the Department of Veterans Affairs, Duke University, Duke Health, and architecture firm – Perkins and Will.
Turnbridge Equities purchased the building via a mortgage foreclosure after buying a subordinate interest in the property’s loan which the borrower defaulted on last December.
At the time of foreclosure, the loan balance was $37.2 million.
Turnbridge Equities had secured debt financing from Knighthead Funding for the acquisition of the property.
The deal also represents the most recent in various active investments made by the company across the Research Triangle in the last couple of years. These include its acquisitions of The Creamery located in downtown Raleigh, and the Cary Towne Center mall which is scheduled for redevelopment.
Jason Davis – managing director of Turnbridge Equities said: “We are obviously strong believers in the Triangle’s resiliency.
“The local economy is uniquely well-positioned to weather any downturns with its mix of governmental, educational, and private employers, including Durham’s thriving technology and life sciences sectors. We’re excited to bring fresh capital to the Tower at Mutual Plaza to reinvigorate the building.”