5517 Durham Chapel Hill Blvd
Durham, NC 27707
Property For Lease

Lease Rate: $22.00/SF, Full Service Property can be condo'd. Suites as small as 5,000 sf available. Aggressive Tenant Improvement Allowance Offered (Incentives offered to qualified buyers, tenants and brokers. Call for details). Interior in shell condition Building & Monument Signage Available 78 free surface spaces and additional parking is available Opportunity to lease or to acquire a well-positioned, two-story free-standing building in a highly-desirable location on the corner of I-40 and Durham-Chapel Hill Boulevard. The property has excellent exposure off 15-501 and is surrounded by a wide variety of restaurants, services, and retail amenities. The property’s impressive glass lines and flexible floor plates make it suitable for a single tenant or multiple users. Current zoning allows for a wide variety of users. The subject property is in the South Durham submarket, located just off I-40 and along 15-501, one of the area’s highly trafficked thoroughfares which intersection sees over 70,000 cars per day. The South Durham submarket is home to a fifth of Durham’s office inventory, with medical and personal service firms prevalent and notable tenants including Cem-102 Pharmaceuticals, who moved into nearly 20,000 square feet in December 2019; and Blue Cross Blue Shield, with a 360,000 square foot corporate headquarters three miles from the subject property. In addition to a large share of office space, this submarket also includes a majority of the metro’s multifamily properties. The area’s close proximity to downtown Durham and Research Triangle Park, as well as both UNC-Chapel Hill and Duke University make it a desirable location for firms and employees seeking its convenient accessibility. Office inventory in this submarket will continue to grow over the next year, despite the lack of deliveries in 2019. Over 155,000 square feet of space is currently under construction and expected to deliver in 2020, the bulk of which will be for the 120,000 square foot medical office, Erwin Terrace III. The South Durham submarket will have an exciting addition to its retail inventory as plans progress for the new Wegmans, expected to open in early 2021 and less than two miles from the subject property, this 130,000 square foot grocery store will be one of five total locations the chain is opening in North Carolina. Additionally, just 3.2 miles from the subject property, is University Hill, a brand new 300,000 square foot mixed-use development that includes luxury studio apartments, and over 65,000 square feet of Class-A retail. Signed retailers include O2 Fitness, Midtown Yoga, Happy & Hale, Zambrero, and Ashely Christensen’s latest restaurant, Project Xtra Crispy. Adjacent to University Hill is the existing South Square shopping center, which includes over 150,000 square feet of retail space. Durham’s 1.3 million-square-foot, super-regional shopping center, The Streets at Southpoint, is also located within the South Durham submarket, just 6 miles from the subject property. The open-air lifestyle center with a two-level enclosed mall has over 170 shops, eight restaurants, and an IMAX theater. Unique retailers include Nordstrom, Crate & Barrel, Apple, West Elm, Restoration Hardware, and Cole Haan.