Friday, July 19, 2024

Murchison Building acquired by Maine-based buyer for $8.25 million

The century-old Murchison Building on Front Street. (PCD/File.

WILMINGTON — An 80-year-old downtown Wilmington centerpiece was purchased Wednesday by West Brackett Inc., a company based out of Portland, Maine. 

The Murchison Building, built in 1914 and named after its architect Kenneth Murchison, is an 11-story office building at 201 N. Front Street. It was purchased by West Brackett for $8.25 million dollars on Aug. 10, county property records indicate. 

​​Paul Loukas and Lindsey Hess, of Cape Fear Commercial, represented the purchaser in the acquisition. 

“It’s an understatement to say that this was a delicate and complicated transaction,” Loukas said in a press release. “With rising interest rates, and the fact that the building is a century old with over 80 tenants, we had to be nimble at every step.” 

The building’s first floor has been occupied by Pour Taproom since 2017. Other tenants include several law firms, BlueTone Media, Hedgehog Healthcare Associates and Fluent PR.

West Brackett Inc. was formed on July 15, 2022, according to the U.S. Secretary of State’s office. The registered agent is David Pryzwansky, a lawyer of the Raleigh-based Pryzwansky Law Firm founded in 2003. The company specializes in commercial real estate and multi-family affordable housing law. 

The Neoclassical Revival building was originally home to the Murchison Bank and was the tallest building in Wilmington until the PPD headquarters was erected in 2007. 

 “We’re proud to be a part of the Murchison Building’s story,” Hess said in the release. “The structure, and downtown Wilmington itself, is filled with history, and that presents so many exciting opportunities for the future.”

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