Aging office complex near RTP sells for $64.7 million, new owner plans upgrades
Boston-based Longfellow Real Estate Partners, a science and tech-focused firm with offices in Durham, has purchased the nearly 400,000-square-foot Perimeter’s Edge five-building office complex near Research Triangle Park.
According to Wake County records, Longfellow paid $64.7 million for the five parcels. That’s around $6 million less than the previous owner paid for the properties in 2016. The complex is part of the Perimeter Park office park at the intersection of I-40 and I-540 near RTP and Raleigh-Durham International Airport.
Investors like Longfellow are snatching up existing commercial properties in the Triangle with plans to improve them for new tenants. These include Charlotte-based firm The Spectrum Companies, which recently bought an aging industrial and office complex for $59 million in Raleigh.
The Perimeter’s Edge complex opened in 1990 and was refurbished in 2002. Longfellow plans to renovate the site to significantly increase its value.
The company’s plans include facade and landscape improvements and eventually converting vacant suites to “state-of-the-art lab space.” Under its “Elevate” program, Longfellow adds fitness centers, salons, dental services and dry cleaning to sites they want to spiff up for tenants.
“Perimeter’s Edge is a great complement to our existing Triangle portfolio of 1.9 million square feet of Class A life sciences and innovation space,” said Longfellow’s Durham-based partner Jessica Brock in a press release. “As with Keystone Technology Park, our projects at Imperial Center, and the Durham.ID, Longfellow’s amenities and other upgrades will create a vibrant sense of place that will help attract top tenants and talent.”
Longfellow’s portfolio in RTP includes 19 buildings, according to a press release. Longfellow is also involved in the downtown Durham development of the Durham Innovation District buildings, known as “Durham.ID,” in which WeWork is a tenant.
