8 Rivers Capital, which works with companies to help develop and take new technology to market, has signed a lease for more than 12,000 square feet of space at the American Tobacco Historic District.
The firm is based in Durham and had previously been located at West Village.
Real estate services, investment management and professional service firm Jones Lang LaSalle’s Tenant Representation group in Raleigh negotiated the deal. Mac Hammer and Doug Cook of Synergy Commercial Advisors represented American Tobacco.
“We’re thrilled to be a part of the growing business and entrepreneurial community in American Tobacco Campus and Downtown Durham,” said 8 Rivers co-founder Bill Brown. “This diverse and energetic environment is essential to recruiting and retaining the talent we need to help address some of the most challenging problems our world faces.”
A year ago, 8 Rivers made headlines by helping startup NetPower land a $50 million investment.
Its new office space is located in the Crowe Building at the American Tobacco district, which is owned and operated by Capitol Broadcasting. Capitol is the parent firm of WRALTechWire.
“8 Rivers adds tremendously to the surging entrepreneurial ecosystem in Durham as demonstrated, for example, by the growth of mature companies here as well as our American Underground startup hub,” said Michael Goodmon, vice president of real estate development for Capitol. “As American Tobacco approaches its tenth anniversary in 2014, we are thrilled to have 8 Rivers, with its expertise and keen sense of community, on board for our continuing journey.”
Capitol recently expanded its startup space efforts in Durham and is building new space in Raleigh.
“After exploring the Downtown Durham area, American Tobacco was the right fit for 8 Rivers as they continue to grow through developing, funding and commercializing new technologies,” said Ryan Lawrence, vice president for Jones Lang LaSalle. “The creative environment the campus offers should prove to help with their overall mission.”
Venture capital firm Intersouth Partners recently decided to move its headquarters from American Tobacco, where it had been a long-time tenant, to smaller space in Durham.
