CBRE Arranges $142M Sale of Duke University Medical Office Building in North Carolina
Hock Plaza features 12 stories and 327,160 square feet on a 2.5-acre site.
DURHAM, N.C. — CBRE has arranged the sale of Hock Plaza, a 327,160-square-foot medical and educational office building in Durham. Harrison Street Real Estate Capital LLC acquired the 12-story building from Hines. The sales price was $142 million, according to the Triangle Business Journal.
Constructed in 2004, Hock Plaza is situated on more than 2.5 acres at 2424 Erwin Road, adjacent to Duke University Hospital. The building is home to 34 different Duke University medical institutes, centers and research functions, including Duke Cancer Institute, the Center for Autism and Brain Development, and the Center for Smoking Cessation. The property, which includes a 1,057-space parking garage, is located within North Carolina’s Research Triangle.
Jay O’Meara, Will Yowell, Lee Asher, Chris Bodnar and Ben Kilgore of CBRE arranged the transaction on behalf of the seller. The sales price was a record price per square foot in the state of North Carolina, according to O’Meara.
Chicago-based Harrison Street is a real estate investment management firm focused on the education, healthcare and storage sectors. The firm has approximately $12.8 billion in assets under management.
Houston-based Hines is a privately owned global real estate investment, development and management firm with $100 billion in assets under management.
— Kristin Hiller and Camren Skelton