CB Richard Ellis Realty Trust, a real estate investment trust sponsored by CBRE investors, has bought three office buildings near Research Triangle Park as part of a joint venture with Duke Realty.
The buildings total 265,073 square feet. The buildings are at 3900 N. Paramount Parkway, 3900 S. Paramount Parkway and 1400 Perimeter Park Drive in Morrisville.
The purchase price wasn't disclosed. The three buildings have a tax value of $34.5 million.
They are part of the master plan for Perimeter Park that was developed by seller Duke Realty.
The buildings are 100 percent leased to two tenants, with 95 percent of the space leased to Pharmaceutical Product Development through November 2023. The remaining 5 percent of space is leased to LSSi through September 2012.
Jack Cuneo, CEO and president for CBRE Realty Trust, said in a release that Raleigh is an income market for office investments and that the presence of the government sector, major universities and health care facilities has helped shield Raleigh from the worst effects of the national recession.
The joint venture between CBRE Realty Trust and Duke was formed in May 2008 and is 80 percent owned by CBRE's REIT.
The venture plans to acquire up to $800 million of newly developed build-to-suit projectsover a three-year period.
Staff writer David Bracken