RESEARCH TRIANGLE PARK — Longfellow Real Estate Partners, a long-time developer in the Bull City and the force behind the “Durham Innovation District” (aka Durham.ID), is expanding its footprint in the Triangle yet again.
The Boston-based firm announced today that it has acquired Swabia Court in Research Triangle Park at 1035 Swabia Court in Durham from Capital Square.
The price tag: $12,175,000 million.
Starting in early 2020, Longfellow said it plans to refurbish and rebrand the 112,340-square-foot building, which originally opened in 1987. The redevelopment will include adding lab space, amenities and the hospitality program, Elevate, which aims to “redefine workplaces with lifestyle perks.”
The approach is similar to transformations Longfellow has undertaken elsewhere, including at RTP’s Venture Center, which is within walking distance from Swabia Court.
Longfellow acquired Venture at Imperial Center in 2015 and set out to remake it. The 142,746 SF Venture is now 100 percent leased. Similarly, Longfellow recently acquired and is upfitting properties in Palo Alto, San Diego and San Francisco.
Longfellow was founded ten years ago in Boston. In 2014, the company launched a second headquarters in Durham, where it is developing the 15-acre, 1.7 million-square-foot Durham.ID.
Longfellow’s RTP portfolio includes 19 buildings, including 11 at Keystone Technology Park, five at Imperial Center, and the Biopoint, Hopson and Swabia Court buildings.
“Our strategy of identifying and acquiring properties with great potential, and then remaking them as 21st century office and lab destinations has proven effective across many markets; nowhere more so than in Research Triangle Park,” said Jessica Brock, Longfellow’s Durham-based partner, in a statement. “We look forward to creating something new and vibrant at Swabia Court.”
Longfellow said it is also expanding its Durham-based team, adding 10 new hires by the end of the year to bring its total to 40 employees. The roster of new hires includes posts in administration, marketing, leasing, and property management