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United States : 90 NORTH REAL ESTATE PARTNERS acquires corporate office campus in N.C.'s RESEARCH TRIANGLE PARK.

After launching its North American operations in Chicago recently, 90 North Real Estate Partners, has completed the acquisition of a 485,000 square-foot corporate office campus in North Carolina's Research Triangle Park from Philadelphia's Rubenstein Partners and its partner Grubb Properties.

90 North, partnered with Dubai-based Arzan Wealth, to pay $127 million for the property.

Cushman & Wakefield brokered the deal, which closed nearly 15 months after Rubenstein and Grubb acquired the then-vacant property, and less than a year after the partnership inked global PC maker Lenovo to a long-term lease of the whole campus.

90 North considers the property to be a trophy building with significant upside prospects.

Partner and Head of the company's North American operations, Daniel Cooper, said : "This is a great acquisition for 90 North, one that really speaks to our commitment to investing in prime, trophy-caliber assets in North America. The Lenovo Enterprise Campus has the stability and guarantee of a Fortune 500 company and the upside potential of the additional space being developed, and available to be developed, all within a prestigious research park environment."

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Publication:Mena Report
Date:Feb 19, 2015
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