Mutual Tower

Mutual Tower
Map
General information
Typeoffice
Location411 West Chapel Hill Street
Durham, North Carolina, USA
Coordinates35°59′47″N 78°54′30″W / 35.99639°N 78.90833°W / 35.99639; -78.90833
Completed1968
OwnerTurnbridge Equities
LandlordCBRE Group
Height
Top floor14
Design and construction
Architect(s)M.A. Ham Associates
Welton Becket and Associates
DeveloperNew South Ventures

Mutual Tower is a 252k-square foot, 14-story skyscraper located in Durham, North Carolina. Built in 1968, the building was previously called the North Carolina Mutual Life Insurance Company Building, Legacy Tower and The Tower at Mutual Plaza. It was designed by M.A. Ham Associates and Welton Becket and Associates.[1] From 1968 to 1987 this building was Durham's tallest.[2]

History

North Carolina Mutual Life Insurance Company, later called NC Mutual, built the building to serve as its headquarters, replacing the Mechanics and Farmers Bank Building.[3] The words "NC Mutual Life" are shown at the top on all four sides.[4] The company sold the building in 2006 to Greenfire Real Estate Holdings, which is led by Michael Lemanski, for $10.5 million.[5] After the sale, Greenfire redeveloped the building and changed the name to Legacy Tower.[6] Lemanski led a diverse group of mostly local investors which bought the building in 2017. In 2017, Lemanski led another $11 million renovation of the property through his firm New South Ventures.[5]

Tower at Mutual Plaza as it appeared in 2010

NC Mutual reduced the amount of space it uses from six stories to one, making 60,000 square feet available for other companies. At one time renovation plans included removing the NC Mutual signs. Those stayed on two sides of the building.[4] The building's name also changed to The Tower at Mutual Plaza.[7]

In October 2020, Turnbridge Equities bought the building for $37.2 million in a foreclosure auction from 411 West Street Chapel Hill LLC.[8]

Turnbridge announced $10 million in renovations, with both interior and exterior work, to what it now calls Mutual Tower.[9]

References

  1. ^ "Legacy Tower". Emporis. Archived from the original on February 3, 2016. Retrieved 2018-05-10.
  2. ^ "300 W Morgan Street - Durham Centre". Retrieved 2018-05-10.
  3. ^ "North Carolina Mutual Life Insurance Company Building". Durham Museum of History. Retrieved 2018-05-10.
  4. ^ a b Eanes, Zachary (2018-05-07). "This Durham landmark is changing, but its name won't be going away entirely". The Herald-Sun. Retrieved 2018-05-10.
  5. ^ a b Eanes, Zachary (2017-05-05). "Big changes coming to Durham's NC Mutual building". The Herald-Sun. Retrieved 2018-05-10.
  6. ^ "Legacy Tower (NC Mutual Life) preps for renovations". Bull City Rising. 2007-04-16. Retrieved 2018-05-10.
  7. ^ "Quick Hits: NC Mutual Life Building". Building Bull City. 2018-04-26. Retrieved 2018-05-10.
  8. ^ Sanchez-Guerra, Aaron (2020-10-14). "Once the tallest in Durham, the historic NC Mutual Life tower sells for $37.2 million". The Herald-Sun. Retrieved 2020-10-20.
  9. ^ Sanchez-Guerra, Aaron (2021-07-02). "Iconic NC Mutual Life tower in Durham to be revitalized with a $10 million investment". News and Observer. Retrieved 2021-07-03.


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