Bain Capital Real Estate has sold Durham.ID, a 330,369-square-foot office and retail development in downtown Durham, North Carolina to Longfellow Real Estate Partners for $138 million.
The transaction is the largest office investment sale transaction closed in the Southeast since the beginning of the COVID-19 pandemic, says Bain Capital in a statement.
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.
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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.