Bain Capital Real Estate has sold Durham, ID, an office development in Durham, North Carolina, to Longfellow Real Estate Partners. The purchase price was $138 million.
BOSTON / DURHAM – July 30, 2020 – Bain Capital Real Estate and Longfellow Real Estate Partners today announced the $138 million sale of Durham.ID, a 330,369-square-foot office development. The transaction is the largest office investment sale transaction closed in the Southeast since the beginning of the COVID-19 pandemic.
Durham.ID is a recently constructed, two-building development with planned ground-floor retail and an eight-story parking deck. The building features ground floor retail and an adjacent 1,225 space parking facility located at 200 and 300 Morris Street in downtown Durham, North Carolina.
The development has design features reflective of Durham’s historic roots in textiles and manufacturing combined with the city’s new-age reputation for innovation in the technology and medical sectors. Durham.ID was the first phase of the broader Durham Innovation District, a 1.8-million-square-foot development consisting of offices, lab, retail and residential properties. Durham.ID was constructed using smart technology, View Dynamic Glass, and other energy saving features. As a result, both office buildings were recipients of the prestigious LEED Gold Certification.
JLL worked on behalf of the seller, Bain Capital Real Estate, LP to complete the sale to the buyer, Longfellow Real Estate Partners, LLC.
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $4.4 billion of equity in over 430 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities.
About Longfellow Real Estate Partners
Longfellow Real Estate Partners serves the unique demands of science and technology companies and focuses on the most innovative cluster locations in the US. The firm acquires and develops facilities in strategic locations and builds long-term relationships with research centric organizations including life science companies, universities, medical centers and research institutes. The principals of Longfellow have acquired or developed more than 8 million square feet of laboratory and technology space over their careers including numerous high profile projects on the East Coast. The Company’s institutional capabilities and entrepreneurial vision enables
Longfellow to deliver high quality laboratories and innovation space while satisfying each tenant’s unique requirements. For more information about Longfellow, please email email@example.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.