Holliday Fenoglio Fowler Closes Sale and Two Financings for First Union Plaza in Durham, North Carolina
NEW YORK--Holliday Fenoglio Fowler's New York and Los Angeles offices teamed up to close the sale of, and two financings for, First Union Plaza, a 235,979-square-foot Class A office property in Durham, North Carolina.
Senior Managing Directors Glenn Whitmore and Joe Morningstar, and Senior Director Andrew Scandalios of HFF's New York office headed the team that marketed First Union Plaza on behalf of ING Clarion Partners. The property was purchased by SCI Real Estate Investments for an undisclosed price. SCI Real Estate Investments is the sponsor of the borrowing entity, which included more than ten tenant-in-common investors.
Senior Director Paul Brindley from HFF's Los Angeles office secured two financings totaling $31.7 million for the buyer. A $28 million acquisition loan was arranged for a ten-year term on behalf of SCI Real Estate Investments through Bear Stearns Commercial Mortgage, I, a conduit lender. Brindley also arranged $3.7 million in mezzanine financing for the property.
"We were pleased to offer the client multiple services," said Brindley. "Working through this complicated acquisition financing was easier for SCI because of the on-going cooperation and relationship between HFF's Los Angeles and New York offices. This transaction is a great example of HFF's ability to provide one-stop shopping for its clients' capital markets needs."
"Our HFF platform provided the seller not only with a strong purchase price, but certainty of execution through our financing professionals in Los Angeles," added Whitmore.
First Union Plaza is comprised of a ten-story office tower with two attached, two-story office wings. Of the 235,979 rentable square feet, 42,333 square feet is ground-level retail. The building also has a 724-space, four-level parking garage and 120 surface spaces. Standing directly off State Route 147 at the gateway to the Duke University Medical Center, First Union Plaza is located at 2200 West Main Street at Erwin Square in Durham. The building is 99% leased to tenants including Moore & Van Allen and First Union. Duke University or its affiliates occupy 67% of the building.
