"Imperial Tower has real momentum right now. Tour activity is up, inquiries are consistent, and each new lease is reinforcing tenant confidence. The market is responding to the renovations and new tenant mix, with major companies choosing the building as their headquarters or office location."
"In early 2023, IQVIA, one of the Triangle's largest life science companies, vacated the building, shifting headquarters to a new Innovation Park campus at 2400 Ellis Road in Durham. The acronym IQVIA in bold, blue font remained behind, stamped on the building, becoming a familiar sight as commuters on I-40 cross the Wake-Durham county line."
"Drawbridge Realty embarked on a $10 million makeover, installing a new coffee shop, golf simulator, fitness center, tenant lounge and game room. In just the last 90 days, it has signed a string of major tenants for the 11-story, 259,000-square-foot Class A office tower, including Aspida Financial Services for three floors as its new headquarters."
Imperial Tower, a 259,000-square-foot Class A office building in Durham, remained largely vacant for years as hybrid work adoption, rising interest rates, and technology sector layoffs created an office space glut. After IQVIA vacated the building in early 2023, owner Drawbridge Realty invested $10 million in renovations, adding amenities including a coffee shop, golf simulator, fitness center, tenant lounge, and game room. The strategy proved effective, with three major tenants—Aspida Financial Services, Victra, and Robinson, Bradshaw & Hinson—signing leases within 90 days, leaving approximately 100,000 square feet available. Market indicators show increased tour activity and consistent inquiries, suggesting renewed tenant confidence in the property.
#office-space-leasing #commercial-real-estate-recovery #workplace-amenities #durham-north-carolina #hybrid-work-impact
Read at Durham Herald Sun
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