Archon Group Acquires Six Office Properties in the Triangle Area

By Liviu Oltean, Associate Editor Duke Realty Corp. recently sold six office properties for $44 million to Archon Group of Irving, Texas, a real estate investment arm of Goldman Sachs. The buildings, located in Raleigh and Cary, had been acquired or developed [...]

Duke Realty Corp. recently sold six office properties for $44 million to Archon Group of Irving, Texas, a real estate investment arm of Goldman Sachs.

The buildings, located in Raleigh and Cary, had been acquired or developed by Duke Realty’s Indianapolis-based branch. The locations of the assets are: 5540 Centerview Drive, 5565 Centerview Drive, 5520 Capital Center Drive, 801 Jones Franklin Road, 1616 Millbrook Road and 6501 Weston Parkway.

Duke had recently been selling their office portfolios throughout the country in favor of industrial buildings and warehouse development opportunities, the Triangle Business Journal reports.

Duke acquired the Greenfield North Business Park for about $30 million in October 2011. The transaction represented the company’s third acquisition in the Triangle area. The business park includes a 230,580-square foot building located at 1757 TW Alexander Drive and the 325,000-square-foot CenterPoint I.

In related news, New Boston Fund Inc., a private equity real estate firm, purchased the Carolina Place office building at 2626 Glenwood Avenue. According to the Triangle Business Journal, the acquisition price has not been disclosed,  but a Wake County deed record listed that the price was about $15.6 million.

The office building is a five-story property that encompasses 99,181 square feet of Class A office space, and is located on Glenwood Avenue, just over one mile from the I-440 Beltline. The former owner, DREF Carolina Place LLC of Dallas, had paid $12.9 million for the asset in 2001. The property’s occupancy rate at the time of the sale was 86 percent.