SUBSIDIARY BUYS DUKE UNIVERSITY-ANCHORED HOCK PLAZA I IN DURHAM, N.C.
By Murray W. Wolf
The 12-story, 327,160 square foot Hock Plaza I in Durham, N.C., was recently acquired by Hines Global REIT Properties LP.
Photo courtesy of Hock Development Corp.
Hines Global REIT Properties LP recently closed on the previously announced acquisition of the 12-story, 327,160 square foot (rentable) Hock Plaza I at 2424 Erwin Rd. in Durham, N.C.
The net purchase price was $97.9 million, exclusive of transaction costs, financing fees and working capital reserves, according to a Form 8-K filed by Hines with the U.S. Securities and Exchange Commission (SEC).
The real estate investment trust (REIT) acquired the building from Brickman Durham LLC, an affiliate of the New York-based private equity real estate firm Brickman, which paid a reported $100 million for Hock Plaza in November 2005. Brickman also owns the adjacent seven-
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