Redevelopment in Future for IBM 500 Campus?

The 774,000-square-foot IBM 500 Campus near Research Triangle Park has been sold to Hines Global Income Trust, according to an HGIT news release.

“The site offers multiple future redevelopment opportunities, showcasing HGIT’s strategy of procuring assets that create the potential to leverage Hines’ end-to-end multi-asset class expertise.”

The four-building property sits on 146 acres, with easy access to Interstate 40 and Raleigh-Durham International Airport.

“This strategic acquisition in one of our high-priority markets expands our portfolio through a sale-leaseback in the highly sought-after Research Triangle area,” said Alfonso Munk, Hines’ CIO of the Americas and president of HGIT. “As this market continues to experience significant investment, we believe the asset will be well-positioned for continued growth and opportunity.”

“We are grateful for the opportunity to serve IBM and expand our firms’ longstanding relationship to North Carolina,” said Paul Zarian, managing director at Hines. “Long-term, we are attracted to the site’s future redevelopment optionality, specifically given its strategic location in the heart of a high-demand submarket for life science, residential, and industrial uses.”

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