Some good news for the West Village folks: the N&O's Jack Hagel reports today that Duke has leased 50,000 sq. ft. in the second phase of West Village, almost single-handedly bringing the occupancy rate in the mixed-use renovation project to 95%.
It's the latest in a series of deals that have moved Duke's administrative and back-office operations closer to downtown -- from IT and financial functions in American Tobacco, to the Duke Clinical Research Institute's home in the Durham Centre, to other smaller outposts throughout downtown and its environs.
Not a bad play for Duke, and one which peer institutions have made as well, moving functions that don't need campus locations to everything from neighboring towns to RTP-style business parks.
In Duke's case, the moves would seem to have a second, obvious benefit: by helping to spur investment and revitalization in Durham's historic center, they help to improve the reality and the image of Duke's hometown, helping in turn to attract top students, researchers and caregivers.
Also of note: West Village's apartment occupancy on Phase II has hit a remarkable 76% of its 212 units, Hagel writes. That really is an extraordinarily fast-lease up, and points to the continuing interest in downtown residential options.
The one piece missing from the puzzle? Retail space, where West Village has made no announcements on any lease deals, save for NCDOT taking part of the Walker Warehouse for Durham's new train station.
Still, the presence of a full office and residential component is an important precursor to bringing along retail down the W. Main St. corridor.
Hagel also notes that Duke is on the verge of subletting 12,000 sq. ft. in the Legacy Tower/NC Mutual Life Insurance building downtown.
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