Federal Capital Partners® (FCP) announces the sale of Erwin Square on West Main Street in Durham, NC to Lionstone Investments. Executive Vice President Ben Kilgore of CBRE|Raleigh led the sale on behalf of FCP.
Erwin Square, purchased by FCP in May of 2013, is a mixed-use, Class A office tower consisting of 238,792 square feet in downtown Durham. In October 2015, after an extensive $4.2 million capital improvement program, FCP announced the renewal and expansion by Duke University and its affiliates of 188,000 square feet in the building, making a long term commitment through 2026. Erwin Square is also home to numerous retailers and restaurants, including Parizade Café, Local 22 and Guasaca.
FCP Managing Partner, Esko Korhonen, commented on the sale, saying, “With our capital improvement program and lease-up completed, FCP is very pleased with the execution of our Erwin Square business plan. We want to express our appreciation to the CBRE team as well as to Duke University for their assistance with this transaction.”
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