DURHAM, NC-BioMed Realty Trust's Wexford Science & Technology has acquired the Chesterfield Building site here for $7.5 million.
The seven-story Chesterfield Building in downtown Durham was once part of the Liggett & Myers Tobacco Company complex. It is one of the last remaining historic warehouses yet to be redeveloped in downtown Durham, company officials state.
"We are excited about further expanding Wexford's network in North Carolina," said Daniel C. Cramer, senior vice president, development of Baltimore-based Wexford Science & Technology. "As a developer of research-based communities for prominent research universities and their health systems around the country, we consider the Durham market, and the Chesterfield Building, an ideal location to continue Wexford Science & Technology's expansion."
The new investment will ultimately grow BioMed Realty's portfolio to more than 1.2 million square feet in North Carolina, expanding on the company's Wake Forest Innovation Quarter project and other facilities located in the Research Triangle area.
The Chesterfield Building is located near Duke University, the University of North Carolina at Chapel Hill, North Carolina State University and North Carolina Central University, which collectively conduct more than $2 billion of research each year.
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