The historic Trust Building in the heart of downtown Durham, N.C., has changed its owner. Akridge, a real estate services company that has only recently entered the Bull City market, bought the property from New South Ventures.
The transaction for the neoclassical landmark originally completed in 1904 closed for $10.7 million. Located at 212 West Main Street, on the corner of West Main and Market Street, the 57,798-square-foot asset sits in the midst of some of the city’s most popular restaurants and retailers.
“We are thrilled to acquire this noteworthy building in downtown Durham as we continue to expand our presence in Durham and The Triangle,” Joe Svatos, SVP at Akridge, said in a statement.
To make it marketable, the previous owner completely renovated the five-story Class B property in 2016. The iconic office gem sat empty for two decades, but is now fully leased, reports the Triangle Business Journal. According to Yardi Matrix data, the Trust Building currently houses four tenants: the Durham Convention & Visitors Bureau, software companies Shoeboxed and Windsor Circle, and design agency Purpose UX.
The historic landmark is considered Durham’s first “office building of stature,” and was reportedly the tallest building in North Carolina at the time of completion. Designed by Hook and Sawyer and constructed by Norman Underwood, the Trust Building boasts eclectic and neoclassical details and featured the city’s first elevator. Over the years, the property suffered various modifications, the most notable one in 1932, when a 16-foot-deep concrete addition was built.