Federal Capital Partners® (FCP) and CBRE|Raleigh are pleased to announce that Duke University has renewed and expanded its lease of 188,000 square feet at Erwin Square Plaza on Main Street in Durham, NC for an extended long term. The building’s office space is now 100% leased with more than 14,000 square feet in new retail leases recently signed.
Erwin Square Plaza, purchased by FCP in May of 2013, is a mixed-use, Class A office tower consisting of 238,792 square feet in downtown Durham. Duke University and its affiliate users currently lease the majority of the building. Erwin Square Plaza is also home to well-known restaurants Parizade Café, Local 22 and Guasaca, which will open soon.
FCP Managing Partner, Esko Korhonen, noted, “FCP congratulates Duke University on their long-term commitment to Erwin Square Plaza, home to a number of their associated entities and in the heart of Durham. We remain interested in growing our presence in the Triangle area, which continues to show strong employment growth, exciting additions to both institutional and corporate tenancies and excellent urban planning.”
“The ninth street project and multi-family developments at Erwin and Main Street make this area a truly dynamic location for residential, retail, and office. I think Duke recognized the vibrancy of the location and the value that environment would bring to its employees,” said Senior Vice President Brad Corsmeier.
Brad Corsmeier, Senior Vice President and John Brewer, First Vice President of CBRE|Raleigh’s Agency Services team represented Federal Capital Partners in the transaction. FCP extends its appreciation to Austin Koon, Jeff Miller and Maggie Clougherty of Davis Moore Advisors for their representation of Duke University.
CBRE|Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2014, the Raleigh office completed $1.4 billion of sales and leasing transactions.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com