CoStar News
By Nick Leverett
October 8, 2025
Accesso Partners paid $72 million to Northwood Ravin for the 10-story 555 Mangum St. complex. The deal closed for over $285 per square foot.
A Florida-based investment firm has closed on a trophy building in downtown Durham, North Carolina, in the city’s largest office sale in three years.
Major office sales have been unusual in Durham. The 555 Mangum sale is the largest office transaction in Bull City since September 2022, when CBRE Investment Management purchased a five-building office and flex development, Park Point, for $380 million.
At a time when office transaction volume is below average — both in Durham and nationally — the 555 Mangum deal illustrates some key trends in the office market.
“The property offers everything today’s office tenants desire, including a great location bolstered by best-in-class amenities and a variety of uses,” Alex Romero, managing director for Accesso, said in a statement. “There is significant opportunity for continued growth at the property through further retail leasing and the implementation of a spec suite program.”
Spec suites are office spaces that property owners upfit in advance of having a lease in place. They are designed to be move-in ready, and Accesso’s plan to implement spec suites is an increasingly common tactic for owners to attract tenants in a low-demand environment.
555 Mangum “offers a mix of uses including a strong retail component with a full-service rooftop restaurant and bar,” Accesso said. The company plans to improve the building’s retail offerings and add more amenities and services “to its office users and surrounding residents.”
Built in 2020, 555 Mangum is about 70% leased to various tenants, including cybersecurity company Tanium, Banc of California and coworking company Spaces. It also includes a parking deck with over 800 spaces.
Its location in downtown Durham places it in one of the region’s most vibrant and walkable areas. It is within walking distance of the Durham Bulls Athletic Park — home of Minor League Baseball’s Durham Bulls — the Durham Performing Arts Center and numerous restaurants, and is about 2 miles from the campus of Duke University.
Mixed-use properties and districts are another way for commercial real estate properties to stand out in a crowded market. For instance, the two largest multifamily sales of the year in nearby Raleigh were located in mixed-use districts.
Accesso is already familiar with Durham and the surrounding area. The company owns the Meridian Business Park in Durham and Weston I and II in nearby Cary. Elsewhere in the state, Accesso owns the massive Innovation Park in Charlotte, a 12-building campus formerly home to IBM.