GM 150 LLC Acquires University Tower Office Building In Durham From Dilweg For $12M

The property asset involved in this transaction is the University Tower, an office building located at 3100 Tower Boulevard, Durham, NC. The sale price for the property was $12,000,000, covering a total area of 185,978 square feet. The price per square foot stands at $65. The building, a 17-story structure, is currently 33% leased, with Duke Health serving as the anchor tenant. Originally listed at $18 million, the property was relisted at a reduced price following a failed residential conversion deal.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $12,000,000
• Buyer: GM 150 LLC
• Seller: Dilweg
• Square Footage: 185,978
• Price per Square Foot: $65
• Location: 3100 Tower Boulevard, Durham, NC
• Market: Durham, NC
• Occupancy: 33% leased
• Anchor Tenant: Duke Health

The key individuals involved in the deal include Gent Hito, the CEO of /n software, who leads GM 150 LLC. The seller, Dilweg, executed this transaction as part of their real estate portfolio management.