107 East Parish Street
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 current building, which now houses SunTrust Bank, was built between 1907 and 1913 and later expanded north along Mangum Street. Public Hardware was one of the building’s early tenants. Roger’s Drug store became the primary tenant around 1925 and continued to operate until the early 1970’s.
The building is home to two vibrant restaurant tenants along with well-established tech companies, venture capital and engineering firms in addition to a national bank. The building has seen substantial capital improvements and is considered locally as Class A space.
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 102 City Hall Plaza in Q4 2014.