Mar
24

RTP Office Building Sold for $51/SF

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The owners of the sprawling former Reichhold headquarters building at 2400 Ellis Road in Durham took a big hit when the property went to foreclosure auction last month.

According to Durham County records, the now-empty 332,000-square-foot building has been sold for $17 million to the highest bidder, an real estate investor group from Texas that was also carrying the note on the building loan, Orix USA.

The $17 million auction bid, the highest amount offered, was 69 percent less than the $55 million that RTP LLC paid for the building in 2007, according to county records. RTP LLC is an affiliate of the Michigan real estate firm Redico.

Categories : Durham, Raleigh

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