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Edgewater Ventures Acquires Office Building At 601 Keystone Park Drive For $25 Million
SOLD
$25,000,000
North Carolina
See Similar DealsOffice77,395 SF
Sold 10/16/2025
SOLD
Edgewater Ventures Acquires Office Building At 601 Keystone Park Drive For $25 Million
601 Keystone Park Drive
See Similar DealsOffice77,395 SF
Sold 10/16/2025
Summary
NORTH CAROLINA
Asset Type:Office
Price Per Square Foot:$323
Total Square Footage:77,395 SF
Transaction Type:Sale
601 Keystone Park Drive is a flex office building located in Morrisville, NC. The property comprises 77,395 square feet and was sold for $25 million, equating to $323.02 per square foot. The building was constructed in 2001 and renovated in 2009 and is part of the Morrisville market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $25,000,000
- Buyer: Edgewater Ventures
- Seller: Alexandria Real Estate Equities Inc
- Square Footage: 77,395
- Price Per Square Foot: $323.02
- Date of Sale: 10/16/2025
Eastdil Secured acted as the broker for this transaction, facilitating the sale from Alexandria Real Estate Equities Inc, which had owned the property since 2006.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$88,819.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,512.75
Annual Debt Service$1,422,153.05
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