Mutual Tower

Turnbridge acquired the iconic Mutual Tower, in Downtown Durham, NC, through a foreclosure sale in October 2020, after taking a position in the B-Note secured by the property in June 2020. The building, a Durham historic landmark, was constructed as the headquarters for the North Carolina Mutual Life Insurance Company, a fixture of Durham’s Black Wall Street. Mutual Tower is a skyline building in downtown Durham and features boutique floor plates with great views. Since the foreclosure, Turnbridge launched a capital investment, management and leasing program design to address deferred maintenance, implement value-add property enhancements, correct mismanagement, and re-brand and re-launch the building to the leasing market.

Address
411 West Chapel Hill Street
Durham, NC
Asset Class
Distressed Debt
Strategy
Distressed Debt, Value-Add Office
Size
180,000 RSF
Date Acquired
June 2020
Date Sold
Currently owned by Turnbridge