HFF named to market sale of Hock Plaza I at Duke University in Durham, NC

HOUSTON, TX – The Houston and New York offices of HFF (Holliday Fenoglio Fowler, L.P.)  have been named to market for sale Hock Plaza I at Duke University,(middle right photo)  a 327,162-square-foot Class A office building in Durham, North Carolina.

HFF senior managing directors Jeff Hollinden (top right photo), Glenn Whitmore (top left photo) and Andrew Scandalios (bottom right photo) , along with associate director Barbara Guffey, (bottom left photo)  will lead the investment sales team on behalf of the seller, Brickman.

The property is being offered for sale without a formal asking price and is subject to in-place assumable financing. HFF arranged the prior sale of Hock Plaza I to Brickman in 2005.

Completed in 2004, Hock Plaza I has 12 floors of office space plus an attached 1,100-space parking garage.

The property is 98.4% occupied under long-term leases by Duke University and Duke University Healthcare Systems. The 2.5-acre site is located at 2424 Erwin Road immediately adjacent to the Duke University campus and the “world-renowned” Duke Medical Center.

“Hock Plaza I is an asset of exceptional quality with a stable income stream backed by Duke University and its affiliated healthcare system,” said Hollinden. “The immediate proximity to Duke’s campus and medical center make this a truly irreplaceable location as well.”

“This is arguably one of the top office buildings on the market in the country at this time,” added Whitmore. “Core investors today are seeking Class A quality, investment grade credit and long term leases – this asset offers all of those attributes plus very attractive assumable financing.”

Brickman is a real estate private equity firm that invests with the perspective and insight of an owner-operator.

 Since 1992, the firm has invested in excess of $2.7 billion of total capital in more than 61 real estate transactions throughout the United States.

 Brickman owns and operates all property types, applies opportunistic and core investment strategies, and invests across the entire capital structure of real estate assets.

Contacts:

Jeff Hollinden, HFF Senior Managing Director, (713) 852-3500, jhollinden@hfflp.com

 Glenn Whitmore, HFF Senior Managing Director, (212) 632-1807, gwhitmore@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, kmurphy@hfflp.com