Raleigh investment firm buys first downtown property, bets on post-pandemic office bump
January 21, 2021
// Triangle Business Journal
A burgeoning real estate investment group has made its first purchase in Raleigh by buying a historic office building in the heart of downtown.
On Tuesday, Raleigh-based
Edgewater Ventures closed on the $5.45 million purchase of 111 W. Hargett St. – known as the Martin building – and the firm is on the hunt for new tenants to fill the space.
Completed in 1951, the 2-story building features 31,000 square feet of creative office space plus a rooftop patio and plenty of storefront glass. The property sits on 0.3 acres on a block abutting Nash Square. The property has seen a string of renovations in the last five years.
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Two companies recently signed leases for a total of more than 305,000 square feet in Leland’s Edgewater Commerce Center.
Forty540 II is a 200,000 SF next generation office building located in North Carolina’s Research Triangle. Built in 2021 and among the newest office deliveries in the market, the institutional-quality asset is thoughtfully designed and curated.
Edgewater Ventures paid $25 million for 601 Keystone Park Drive in Morrisville, according to Durham County deed records. The acquisition was a joint venture with Optimum Asset Management, which has offices in Boston and Europe.
