The Wall Street Journal takes a closer look at this key foreign investment — 90 North Real Estate Partners’ $127 million purchase of the Lenovo Campus in Raleigh’s Research Triangle Park. This joint venture with Arzan Wealth purchased the property from Rubenstein Partners for $127 million. Rubenstein Partners bought the vacant 450,000 square-foot office park in 2013 and completed a significant turnaround, netting a $50 million profit. The key to the deal was securing a long-term lease with Lenovo in March of 2014.
Among the interesting elements of this deal were:
- Lenovo, the “trophy” tenant Rubenstein put in place, equates to a stable income stream for 90 North
- The renovation/repositioning of the property and the substantial investment that was made
- 90 North’s opportunity to develop an additional 100,000 square feet on the property
- The overall draw of the Research Triangle Park and its technology and related tenants
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