Singapore group buys Morrisville office portfolio in $189 million deal

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A Triangle office portfolio changed hands last week when a Singapore-based investment firm spent over $189 million on the properties and another vacant lot.

On Friday, Mapletree Investments paid $189.1 million for three adjacent properties at Perimeter Park in Morrisville.

The purchase includes 5221 Paramount Parkway plus 1009 and 1025 Think Place for a total 503,898 square feet of office space that sits on nearly 40 acres. The buildings sit next to each other in the park, and the purchase also included a small, undeveloped parcel for $500,000.

The properties:

  • $51.5 million for 5221 Paramount. The property features 137,834 square feet of Class A office space across four stories on an 11-acre lot.
  • $72.5 million for 1009 Think Place. The property features 183,032 square feet of Class A office space across five stories on a 13.7-acre lot.
  • $64.6 million for 1025 Think Place. The property features 183,032 square feet of Class A office space across five stories on a 14.8-acre lot.

Each property is currently fully leased, according to the park’s website, and each building includes an on-site fitness center, conference center and walking trails. The portfolio also enjoys close proximity to nearby hotels, retailers and more.

Mapletree has 2,770 employees and billions of assets across the world, including the 300-unit Oakwood Raleigh at Brier Creek apartments.

1009 Think Place was once home to Lenovo before the company moved out and Microsoft moved in with a lease lasting until 2030. UNC Health Care appears to lease space in the other buildings.

Altogether, Perimeter Park is a 21-building office park in Morrisville totaling 700,000 square feet of Class A office and industrial space near Research Triangle Park.

Trinity Capital, Starwood Capital Group and Vanderbilt Partners bought the park in 2015 as a part of a larger $1.1 billion portfolio purchase from Duke Realty.

Other tenants in the park include Syneos, ChannelAdvisor, Teleflex Medical and many others. The 3 million-square-foot development is located off Highway 54 just south of the Interstate 40/540 interchange.

Original Article Source: Triangle Business Journal