iCrowd Newswire - Oct 14, 2020
Turnbridge Equities (Turnbridge), a vertically integrated real estate investment and development firm, announced the closing of its acquisition of Tower at Mutual Plaza, also known as 411 West Chapel Hill Street. The property is a 15-story, 180,000 square foot, Class-A office tower and is located adjacent to the American Tobacco District of Durham, North Carolina.
Turnbridge acquired the building through a mortgage foreclosure after acquiring a subordinate interest in the property’s loan which the borrower defaulted on in December 2019. The loan balance at the time of foreclosure was $37.2 million. Turnbridge obtained debt financing from Knighthead Funding, LLC for the acquisition of the property. The transaction also represents the most recent in a number of active investments that Turnbridge has made across the Research Triangle in the past two years, including the firm’s acquisitions of The Creamery, in downtown Raleigh, and the Cary Towne Center mall, which is slated for redevelopment.
The Tower at Mutual Plaza, one of Durham’s most recognizable buildings and formerly the city’s tallest, previously served as the headquarters for North Carolina Mutual Life Insurance Company. Today, in addition to NC Mutual, the building is home to a mix of diverse public and private tenants, including Duke University, Duke Health, the Department of Veterans Affairs, and global architecture firm, Perkins and Will.
Prior ownership implemented an $11 million renovation of the property, largely focused on enhancing the property’s common areas, including extensive upgrades to the building’s lobby and exterior courtyard and façade. Turnbridge intends to utilize these recent improvements to enhance the leasing of the building’s remaining vacancy.
Originally built in the 1960s by NC Mutual, Mutual Plaza was recently designated by the City of Durham as a historic landmark for its significance as an illustration of African American entrepreneurship and socio-economic progress in the twentieth century, reflecting Durham’s rich history.
“Turnbridge is pleased to be the new owners of this iconic and historically significant building,” said Ryan Nelson, managing principal of Turnbridge. “We are big believers in the Research Triangle as a whole, and I couldn’t think of a better first investment in Durham. We’re eager to reintroduce the Tower at Mutual Plaza to the local market.”
“We are obviously strong believers in the Triangle’s resiliency,” said Jason Davis, managing director of Turnbridge. “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.”
“We’ve built upon all of our prior experience and in New York City, Washington D.C., and Austin and tried to bring a similar level of quality in execution in the Raleigh-Durham market,” said Andrew Joblon, founder and managing principal of Turnbridge. “The growth prospects in this region are some of the best in country.”
Turnbridge recently unveiled its plans for Carolina Yards, the transformation of nearby Cary Towne Center into a four million-square-foot mixed-use, urban hub. In addition to Carolina Yards, Turnbridge is also planning a redevelopment of The Creamery building in Downtown Raleigh.
About Turnbridge Equities
Turnbridge Equities, founded in 2015 by Andrew Joblon, is a privately-held, vertically-integrated real estate investment and development firm with offices in New York, Los Angeles, Washington DC, Miami, and Austin. Turnbridge is an SEC registered investment advisor, Turnbridge RE Fund Management Company I LLC, with assets under management in excess of $1.7 billion. Turnbridge’s full-service platform and extensive relationships enable the company to acquire, develop, reposition, and operate real estate and generate value for its investors and partners. Turnbridge and its principals seek to bring high levels of creativity and thought leadership to drive the results of each of its investments. With a track record of implementing successful investment strategies, Turnbridge has capitalized on emerging trends and monetized value in advance of market shifts. Disclaimer: This does not constitute an offer to sell or a solicitation of an offer to purchase any interests in any Turnbridge projects.
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