Foundry Commercial, Hart Realty Acquire Office Campus in Research Triangle Park for $24.2M

MORRISVILLE, N.C. — Foundry Commercial, along with capital partner Hart Realty Advisers LLC, has purchased Concourse Lakeside I and II, a two-building office campus in the Raleigh-Durham community of Morrisville, for $24.2 million. Ryan Clutter, Scott Humphrey and Chris Lingerfelt of HFF represented the seller, a partnership between an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management. The HFF team also procured the buyer. Foundry and Hart plan on updating the 154,552-square-foot office campus to include base building upgrades and additional amenities. Located within the Research Triangle Park submarket, Concourse Lakeside has direct access to Interstates 40 and 540. At the time of sale, the portfolio was 89 percent leased to tenants including Aetna Life Insurance Co., The Redwoods Group and TransAmerica.