Turnbridge Equities Purchases 180,000 SF Office Tower in Durham
DURHAM, N.C. — Turnbridge Equities has purchased Tower at Mutual Plaza, a 15-story, 180,000-square-foot office building in Durham’s American Tobacco District. Turnbridge acquired the property out of foreclosure. The previous owner implemented $11 million in renovations to the building’s façade, common areas, lobby and courtyard. The loan, which the previous owner defaulted on in December 2019, had $37.2 million left on the balance.
North Carolina Mutual Life Insurance Co. originally developed the asset, which is situated at 411 W. Chapel St., in the 1960s. At the time of sale, tenants included North Carolina Mutual Life Insurance Co., Duke University, Duke Health, the Department of Veterans Affairs and architecture firm Perkins & Will.
Knighthead Funding LLC provided acquisition financing for the New York City-based buyer.