Ericsson campus in RTP sold for $26 million
12/05/2013 1:21 PM
12/05/2013 1:22 PM
A Philadelphia-based real estate firm has paid $26 million for the former corporate campus of Sony Ericsson in Research Triangle Park, according to Wake County property records.
Rubenstein Partners acquired the campus from Sony Ericsson, which closed its Triangle operation several years ago.
The deal includes nearly 67 acres in the park and the two properties – a three-story, 193,000-square-foot building and a four-story, 261,000-square-foot building.
Rubenstein Partners plans to renovate the buildings and market them to large tenants, said Daniel Doyon, the firm’s vice president and director of acquisitions.
“The Research Triangle Park has a 50-plus year history of attracting large users,” he said. “It seems like whenever a company leaves ... it’s a matter of time before another user shows up.”
One of Sony Ericsson's corporate parents, Sweden's Ericsson, first opened operations in RTP in 1991. The company once employed about 1,000 in the park but the buildings have been vacant since Sony Ericsson left and established a new regional office in Atlanta.
Rubenstein Partners has been an active investor in the RTP area. Last year, the firm paid $4 million to acquire two buildings from GlaxoSmithKline in the Imperial Center office park in Durham.
The acquisitions come as RTP is in the process of updating its master plan for the first time since its creation 53 years ago. The plan calls for a more densely developed park with a wider range of amenities.
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