Durham-based investors to transform NC Mutual building to Class A space
One of Downtown Durham’s most prominent properties, the NC Mutual building, will undergo more than $11 million in capital improvements and be rebranded as The Tower at Mutual Plaza.
The 183,000 square-foot property is located at 411 West Chapel Hill Street in Durham, North Carolina. It is being redeveloped by New South Ventures, a firm that recently redeveloped the Trust building, a similar historic landmark. Located in the American Tobacco District, the NC Mutual building is in the heart of Downtown Durham. The iconic 14-story tower, built in 1965, was the tallest building in Durham, strategically placed in order to emphasize the structure’s prominence in the area. It was originally built to serve the North Carolina Mutual Life Insurance Company, which is still located there today.
“We are excited to transform another one of Durham’s most prominent and reputable office towers into a modern, Class A building that will reflect the vibrant atmosphere of downtown,” said Michael Lemanski, CEO of New South Ventures. “This renovation and rebranding demonstrates our continuing commitment to investing in downtown Durham. We’re also proud of maintaining a high level of inclusion and community connection and adding tremendous value for our current and future tenants.”
"What I'm most excited about, and proud of, is our ability to preserve the history of a landmark whose legacy is etched in the histories of both our city and nation," said Carl Webb, one of the project's investors. "This building represents the significant impact Black entrepreneurship had in Durham during the 1960s that extends today. We look forward to bridging the stories of the past with the stories of future innovators and creatives by restoring key elements of the building and blending them into a space with a more modern look and feel. "
Renovations for The Tower at Mutual Plaza include: 16,000 square feet of newly constructed space on the first floor and a new mezzanine; a remodeled and expanded lobby with a glass curtain wall and revolving doors, stone flooring and wrapped columns, LED lighting, and visitor restrooms, as well as grab-and-go coffee and concessions; exterior façade restoration; skylights and clerestory windows in concourse and lower level; card access security system; mechanical and HVAC modernization.
The property will soon include exterior lighting that will elevate the profile of the property in the Durham skyline; AV-equipped common conference rooms; a fitness center with showers and locker rooms; tenant storage rentals, and indoor bike parking.
Along with the 15,000 square feet of a shared office and co-working environment, there will be an enhanced plaza that allows for outdoor work and gatherings with granite paving, wood decking and artificial lawn; a variety of tables, benches, chairs, and umbrellas; and electrical outlets and Wi-Fi for the outdoor seating areas.
Current tenants include NC Mutual, Duke University and its affiliates, the Veterans Affairs (U.S. Government), GoTriangle, and the regional headquarters of Perkins+Will, a global architecture firm recently noted for designing the Smithsonian’s National Museum of African American History and Culture.
The building being rebranded to The Tower at Mutual Plaza represents a strong understanding and acknowledgement of its history and what is “authentically Durham,” yet its transformation into a more aesthetically attractive, modern space.
The project team includes: Avison Young (brokerage), Built Form (architecture); Gilbane Building Company (construction management); Progressive Design Collaborative (mechanical, electrical and plumbing engineering); McNamara-Salvia (structural engineering), and Stewart (civil engineering, landscape architecture, geotechnical, testing and inspections).
For leasing information or other inquiries, visit TowerAtMutualPlaza.com or contact Arnold Siegmund at 919-420-1573 or arnold.siegmund@avisonyoung. com.
About the Tower at Mutual Plaza
The Tower at Mutual Plaza describes the $11 million capital improvement of the formerly titled NC Mutual building– a 183,000 square-foot property located in the heart of Downtown Durham, within the American Tobacco District. Built in 1965, the iconic, 12-story tower was strategically placed at the peak of the development site in order to emphasize the structure’s prominence in the area. It was the tallest building in Durham and became home to the North Carolina Mutual Life Insurance Company.
The redevelopment will reposition the building back to a Class A property. Renovations include but are not limited to: 16,000 square feet of newly constructed space; a remodeled and expanded lobby, stone flooring, LED lighting, as well as grab-and-go coffee and concessions; exterior façade restoration; skylights and clerestory windows; card access security system; and upgrades to the lower level that will meet ADA standards. New amenities include: exterior lighting that will elevate the profile of the property on the skyline; AV-equipped common conference rooms; a fitness center with showers and locker rooms; tenant storage rentals, and bike parking.
Along with the 15,000-square feet of a shared office and co-working environment, there will be an enhanced plaza that allows for outdoor work and gatherings.
The development project team includes: Michael Lemanski, founder of both Greenfire Development and New South Ventures, along with a group of Durham-based investors (real estate development); Built Form (architecture); Gilbane Building Company (construction management); Progressive Design Collaborative (mechanical, electrical and plumbing engineering); McNamara-Salvia (structural engineering), and Stewart (civil engineering and landscape architecture).
For leasing information or other inquiries, visit TowerAtMutualPlaza.com.
