Iconic NC Mutual Life tower in Durham to be revitalized with a $10 million investment
A historic monument of Durham’s Black history will see a new future that will bolster its presence as key office space in downtown.
Formerly called the Tower at Mutual Plaza, its new owner Turnbridge Equities announced that it will invest roughly $10 million into the newly titled Mutual Tower revitalizing the tower’s structure and appearance inside and out by the end of the year.
The New York-based real estate firm bought the Mutual Tower last October and said earlier this year that it would give the tower a makeover to make it more robust for tenants and retail patrons. The 14-story tower was Durham’s tallest when it was built in 1968 and housed the NC Mutual Life Insurance Company, once one of the biggest Black businesses in the country.
Updates to its design will mean adding retail space by the lobby with seating, a lounge for tenants of the building’s office floors, a gym and conference space. Its outdoor plaza on West Chapel Hill Street will be reworked with green space and Wi-Fi access, according to a news release. Renderings show possibilities for a coffee shop or other retail indoors.
The tower’s new owner will also replace the building’s original HVAC system with advanced air filtration to permit high indoor air quality and reduce energy usage.
The Durham office of global architecture firm Perkins&Will — a tenant of the building since 2017 — will spearhead interior renovations and the Raleigh-based firm Clearscapes will handle the exterior restoration and the historical review, the news release said.
“Through meeting with many key stakeholders in the community of Durham, we quickly understood NC Mutual’s importance to the city and surrounding area and sought to orient our work in a way that honors the company’s legacy while also envisioning a new future for the building,” Jason Davis, managing director of Turnbridge, said in a news release. “We’ve received much more engagement than we initially expected and are excited to introduce some of the changes we are making to Mutual Tower while maintaining its integrity.”
Davis told The News & Observer in an email that the firm met with stakeholders of NC Mutual and people with connections to the history of Black Wall Street. NC Mutual was the leader of the Black Wall Street era of successful Black business and community in the late 19th century and early 20th century. The company was founded in 1898 by John Merrick, a Black businessman who was an influential member of Durham’s Black community.
“This building has held a significant place in the heart of the community for six decades, and we are honored to be a part of the reinvigoration of this important landmark,” Davis said.
Turnbridge Equities’ purchase of the building allowed for NC Mutual, or the NC Mutual Life Insurance Company, to remain in its namesake building through a renegotiated lease.
NC Mutual has suffered financially in recent years and significantly downsized its presence in the tower, which it used to occupy completely. It faced particular harm when it was defrauded out of millions of dollars by an investor who was charged federally last year for the crime, The News & Observer reported.
The Samuel Dubois Cook Center on Social Equity at Duke University recently moved in as a tenant. Other tenants include Duke Health, the Department of Veterans Affairs and Provident1898, a coworking office space.
