RESEARCH TRIANGLE PARK, NC-Grubb Properties and Rubenstein Partners report they have partnered on the acquisition and repositioning of former Ericsson buildings here.
The property, totaling 467,000 square feet, is a two-building campus that telecommunications company Ericsson built in 1995 and 2000. Ericsson was the sole occupant until 2009 when it began a relocation of its local operations as part of an international restructuring.
No financial terms of the recent acquisition were released. Rubenstein and Grubb plan to undertake what they term are substantial investments in building renovations and campus upgrades. The renovated property will feature an expansive, 67-acre campus and a five-acre lake.
"We are excited about the opportunity to reposition this property into a signature headquarters for companies eager to locate or expand in the nation's leading research and development park," states Grubb Properties CEO Clay Grubb.
"The former Ericsson property is a perfect example of one of our company's primary value-added investment strategies: repositioning former corporate real estate," adds David Rubenstein, senior managing partner of Rubenstein Partners.
Recently, Grubb and Rubenstein acquired and repositioned a former GlaxoSmithKline property in Imperial Center, just outside the Research Triangle Park. Within the first year of ownership, one of the two buildings−rebranded as Newcastle North and South−was fully leased as a world headquarters for a global supplier of composites and resins. Newcastle South, an 86,000 square foot office building, is still available for lease, company officials say.
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