90 North Sells Office Portfolio in Research Triangle Park to Sentinel for $135.3M
MORRISVILLE, N.C. — London-based 90 North Real Estate Partners has sold Lenovo Enterprise Campus, a three-building office campus in Morrisville, for $135.3 million. Seth Wiener of Capital One originated a three-year, $81.2 million acquisition loan on behalf of the buyer, a joint venture between New York-based Sentinel Real Estate and Bahrain Mumtalakat Holding Co. Capital One will hold $44.3 million of the loan and has syndicated the remainder to Regions Bank. The campus is located within Research Triangle Park and is fully leased by Lenovo, a computer manufacturing and technology company with headquarters in Beijing and North Carolina. The properties include 7001 Development Drive, a four-story, 193,353-square-foot building completed in 1995; 8001 Development Drive, a four-story, 252,232-square-foot building completed in 1998; and 7501 Development Drive, a two-story, 39,952-square-foot building completed in 2017. The site can accommodate an additional 100,000-square-foot building that could be used for further expansion by Lenovo or to accommodate a complementary user. The Lenovo Enterprise Campus features a cafeteria and food service operations, fitness center, outdoor patios, new conference facility and employee break rooms. A pedestrian bridge links the three buildings. Outdoor amenities include a sand volleyball court, basketball court, five-acre lake and a 16-acre nature preserve. The tenant has gained approval for a $7.5 million project involving covered parking and a roof-mounted solar array.