In the news > Press releases > Archive > Triangle Skyscaper Poised for Redevelopment
Anna Branly
(919) 667-9770 ext. 105
abranly@greenfiredevelopment.com
July 14th, 2006
Durham, N.C. – SunTrust Bank announced today the sale of its current Carolinas Group headquarters office, located at 111 Corcoran St., to Greenfire Development. SunTrust will lease back the first floor and mezzanine of its former headquarters building and will continue to operate its retail bank branch, commercial and mortgage lending operations. The signature sign atop the building will remain in place.
Greenfire Development also announced that it acquired the adjacent Trust building at 212 W. Main St. The buildings add approximately 173,000 square feet of space to the company’s portfolio, and bring its ownership in downtown to 18 properties. Together, the buildings occupy an entire city block overlooking a new public plaza and the planned new construction at the former Woolworth’s site.
The history of the two buildings is intertwined. The Trust building was the tallest building in Durham, and possibly the state, when it was built in 1905. Early tenant Home Savings Bank outgrew the building by the 1930s and built its new headquarters next door. The SunTrust tower, originally known as the Hill Building, was built in 1937 and was designed by the same firm that designed the Empire State Building.
SunTrust Bank will relocate its Carolinas Group headquarters offices to the Diamond View I office building adjacent to the Durham Bulls Athletic Park. The new space will house 125 employees, including SunTrust executive management, administration and core business operations.
“In making our site selections for a new headquarters, it was important for us to maintain our presence in downtown Durham,” said Carolinas Group President and CEO Richard Furr. “We also wanted to ensure that the SunTrust building would remain an integral part of downtown and the skyline, and are pleased to have been able to achieve these goals with the transactions we are announcing today.”
The acquisitions are part of the Greenfire Development’s planned investment of $150 million in downtown Durham over the next five to seven years. The community development company’s mission is to improve the overall quality of life in Durham by helping create inspiring office, unique residential and funky retail in the heart of the city.
ABOUT SUNTRUST
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2006, SunTrust had total assets of $178.9 billion and total deposits of $122.0 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage, equipment leasing and capital markets services. SunTrust’s Internet address is suntrust.com.
ABOUT GREENFIRE DEVELOPMENT
Greenfire Development is a Durham, North Carolina-based community development company. Its focus is on the revitalization of underutilized and historic inner-city properties. For more information about the company, visit www.greenfiredevelopment.com.