102 City Hall Plaza
Mixed-use Infill Property
The Property is less than 1.5 miles from Duke University, which has evolved into one of the world’s leading institutions for education, research, and health care. The asset enjoys the convenience of being located 8 miles from the area’s most significant employment center, Research Triangle Park ("RTP"), comprised of nearly 170 companies and employing approximately 40,000 people. Major employers in RTP include IBM, GlaxoSmithKline, Cisco Systems, and Nortel Networks.
The original Fire Department building was built in 1893 and was destroyed in a large fire in 1922. It was replaced with the current structure around 1925 and functioned as a fire station until the mid-1970s when it was converted to office use. The building has a Venture Capital group as a single office tenant and one retail tenant on the ground floor. The building has had extensive renovations and is considered a Class A office. The single tenant nature of the building allows the current and future tenants to brand their space while the retail space is directly across the street from City Hall, which yields consistent foot traffic.
The investment opportunity was sourced through ECM’s professional network. The site was not marketed to the public. The asset was acquired in conjunction with 107 East Parish Street in Q4 2014.