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CBRE Realty Trust and Duke buy three buildings at RTP's Perimeter Park

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CB Richard Ellis Realty Trust, a real estate investment trust sponsored by CBRE investors, has bought three office buildings near Research Triangle Park as part of a joint venture with Duke Realty.

The buildings total 265,073 square feet. They include 3900 North Paramount Parkway (100,987 SQ), 3900 South Paramount Parkway (119,170 SF) and 1400 Perimeter Park Drive (44,916 SF) in Morrisville.

The purchase price wasn't disclosed. The three buildings have a tax value of $34.5 million.

The buildings are part of the master-planned Perimeter Park that was developed by seller Duke Realty.

The buildings are 100 percent leased to two tenants, with 95 percent of the space leased to Pharmaceutical Product Development Inc. through November 2023. The remaining 5 percent of space is leased to LSSi Corporation through September 2012.

Jack Cuneo, CEO and president for CB Richard Ellis Realty Trust, said in a release that Raleigh is an income market for office investments and that the presence of the government sector, major universities and healthcare facilities has helped shield Raleigh from the worst effects of the national recession.

The joint venture between CBRE Realty Trust and Duke was formed in May 2008 and is 80 percent owned by CBRE's REIT.

The venture plans to acquire up to $800 million of newly developed build-to-suit projects over a three-year period.

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About the blogger

Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or e-mail him.
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