Hines Global Income Trust, a real estate investment, development, and property manager, has acquired the IBM 500 Campus on South Miami Boulevard in Durham.
A press release said the terms of the deal were not disclosed. Hines has a $3.9 billion portfolio.
The four-building asset is fully leased by IBM and situated on 146 acres. The property is approximately 774,000 square feet.
“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.”
Hines’ presence in the Triangle includes Fenton in Cary, the Market District at American Tobacco in Durham and Waverly Place in Cary.