Hines Global Income Trust acquires IBM 500 Campus in Durham, N.C.
Hines Global Income Trust (HGIT) has acquired the IBM 500 Campus, a 774,000-square-foot property located at 4205 South Miami Boulevard, Durham, N.C.
Terms were not disclosed.
The acquisition expands HGIT’s presence in the region and further diversifies its $3.9 billion portfolio, which is 63 percent weighted toward the industrial and living sectors. The site offers multiple future redevelopment opportunities, showcasing HGIT’s strategy of procuring assets that create the potential to leverage Hines’ end-to-end multi–asset class expertise. The four-building asset is 100 percent leased by IBM and situated on 146 acres in one of the top life science metros in America. It is adjacent to the Research Triangle Park, the largest research park in the United States, which is home to 375 research, technology and ag-bio companies that employ more than 60,000 workers, four miles from Raleigh Durham International Airport, and has convenient interstate access.