JLL today announces significant leasing momentum at 555 Mangum, a 250,000-square-foot office building in Downtown Durham. The new leases include The Lenny, a rooftop restaurant from Raleigh-based restaurateurs the Ibarra brothers which opens this summer. In addition, 42,158 square feet of office leases have recently been signed at the building. JLL Managing Directors Hillman Duncan, Dennis Hurley and John MacDonnell handle leasing and marketing for 555 Mangum on behalf of the owner, Northwood Ravin.
The Lenny is the latest restaurant concept from the Ibarra family, which is well-known for providing a vibrant Latin dining experience. The Lenny will feature a seasonal, eclectic menu of shareable small plates and a lively atmosphere atop the 11th floor of 555 Mangum. The menu will also include an agave-centric cocktail list and a globally curated wine list. Beginning this summer, The Lenny will be open year-round for dinner and brunch. Other concepts from the Ibarra brothers in Raleigh include Cortez Seafood and Cocktail, La Rancherita, Chido Tacos and Jose and Sons. In addition to JLL’s Duncan, Colliers Senior Vice President David Stowe facilitated the deal.
“555 Mangum is the ideal space for us to debut The Lenny and provide guests with the dining experience they have come to know and love from our restaurants, but this time, with breathtaking rooftop views,” said Joel Ibarra. “With incredible access to Downtown Durham, we know this concept will also greatly benefit from the daytime foot traffic generated by 555 Mangum’s office tenants.”
Recently signed office leases at 555 Mangum include Tanium, an international cybersecurity and systems management company that has taken occupancy of its new space at 555 Mangum, spanning 24,190 square feet and filling the building’s entire sixth floor. Heelstone Renewable Energy, an independent power producer and solar developer originally founded in North Carolina, is further establishing its footprint in a 12,874-square-foot space at 555 Mangum. Beghou Consulting, an international consulting firm supporting life sciences companies with efficient commercial operations leased a 5,094-square-foot space in the building. Heelstone and Beghou will take occupancy in mid-2024.
555 Mangum is located in the heart of Downtown Durham, adjacent to the award-winning Van Alen Apartments and overlooks the Durham Bulls Athletic Park. In addition to The Lenny, the building includes premier amenities such as a state-of-the-art fitness facility, outdoor courtyard, indoor and outdoor rooftop lounges and more. Its proximity and walking distance to Durham’s most popular entertainment, restaurants and attractions provides office tenants with unparalleled access to the vibrant downtown district.
“We could not be more excited for 555 Mangum to be the home of Joel and Charlie Ibarra’s latest culinary creation on the rooftop with spectacular views of the Durham Skyline.” Said Adam Golden, Development Partner with Northwood Ravin. “With The Lenny, 555 Mangum is offering one of the best and most unique office amenities in the market, further establishing the premier building as a true destination in the Raleigh-Durham Market.” said Hillman Duncan, Managing Director at JLL.
As evidenced by leasing momentum at 555 Mangum, Downtown Durham continues to emerge as one of Raleigh’s most highly sought-after submarkets. According to JLL’s Q4 Raleigh Office Insight, only 1.2 million square feet of new office space will deliver this year. JLL experts predict this diminished supply will buoy leasing activity within existing Class-A buildings like 555 Mangum. Furthermore, as retail demand in the Sun Belt is stronger than ever, office owners are increasingly looking for strategic opportunities to introduce dynamic dining concepts as a new amenity for tenants.
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About Northwood Ravin
Northwood Ravin developed both 555 Mangum and Van Alen Apartments and is a leading full-service development, construction, and property management firm. Northwood Ravin develops and manages signature apartment communities and mixed-use venues with a singular focus: to create communities that foster healthy lifestyles, neighbourhood involvement, and appealing living environments. Based in North Carolina with offices in Charlotte and Raleigh, Northwood Ravin has 23 apartment communities spread throughout Chapel Hill, Durham, Charlotte, Huntersville, Tampa, Orlando, Franklin, Nashville, and Chantilly. For more information, please visit https://nwrliving.com/
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
