Duprey Buys Half of Lincoln Financial Building

Concord developer Steve Duprey has added the north side of 1 Granite Place, the building that currently houses the offices of Lincoln Financial, to his collection of many real estate holdings, he confirmed yesterday.

Foxfire Property Management acquired the building last month for $1.7 million on May 21, 2015, from AREH Concord Holdings LLC, a Delaware holding company with mailing addresses at Lincoln Financial’s North Carolina address, according to city’s assessing database, and managers that live on 5th Avenue in New York, according to the Secretary of State’s Office. Its corporate domicile is in Delaware, according to state filings.

The 101,000 square foot office building, first constructed in 1975, has an assessed value of $7.7 million, which includes more than 41 acres of land. It was originally owned by American Property Investors VII and later, AREH Concord Holdings, in 2006.

Anyone who has been in the north section of the building knows that it often houses political events and meetings in its rooms and expansive cafeteria area. But that doesn’t appear to be a motive for the sale.

“I saw that it was on the market and I bought it,” Duprey said.

He added Lincoln Financial would remain a tenant but wouldn’t comment on how long, citing disclosure agreements. The company has had a number of layoffs in the past but also continues to support community and arts efforts through its foundation.

It’s unknown whether or not he plans on any further development on the parcel. Duprey did not, however, purchase the southern building or the vacant property that abuts his building. On the southern 34-acre parcel, a second office building, which is also attached to his building, remains with Lincoln Financial; the company also owns nearly 111-acres of forestland to the west.