Paul Loukas And Lindsey Hess Represent Buyer of Landmark Downtown Property

Aug 11, 2022

Following a major transaction, the Murchison Building, a centerpiece of downtown Wilmington, is set for new ownership.

Paul Loukas and Lindsey Hess of Cape Fear Commercial represented the purchaser in an $8.25 million acquisition of the 11-story office building, located at 201 N. Front Street. 

“We are very excited that our client was able to purchase such an iconic building,” said Loukas. “It’s truly a landmark for our historic downtown.”

Designed by architect Kenneth M. Murchison, the Neoclassical Revival building was finished in 1914; originally the Murchison Bank was stationed on the first floor, behind the signature columns and marble base of the building’s lower exterior. The Murchison Building was the tallest structure in the city for nearly 100 years until the construction of the PPD headquarters in 2007. 

“It’s an understatement to say that this was a delicate and complicated transaction,” Loukas added. “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.” 

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

Read additional coverage about the Murchison Building purchase in the Wilmington Business Journal, WECT, Port City Daily, WWAY, and StarNews.