Historic Buildings at Former Pilot Life Insurance Company Headquarters Change Hands

CBRE|Triad was pleased to have represented an affiliate of Kisco Senior Living in its sale of the former Pilot Life Insurance Company headquarters buildings in Greensboro, NC to Clachan Properties of Richmond, VA.

Designed by renowned Philadelphia architects, Zantzinger, Borie & Medary, the original three buildings were constructed in 1927 and patterned after Tryon Palace in New Bern (ca. 1767), the original Capitol of Colonial North Carolina. The buildings feature Georgian architecture with Flemish bond brickwork accented by limestone pediments and cornices. According to Preservation Greensboro, Pilot Life was the first suburban corporate headquarters campus in North Carolina. As Pilot Life grew, the campus was expanded to seven buildings totaling over 222,000 square feet. Clachan acquired all seven buildings and 26.38 acres.

Clachan, which recently placed the buildings on the National Register of Historic Places, specializes in historically sensitive renovations and intends to convert the long-abandoned property into luxury, market-rate apartments.

“This sale illustrates the significant interest in the Greensboro/Triad market by both local and out-of-state developers. We expect the demand for residential and industrial developments to continue at a brisk pace to accommodate existing and projected demand in these asset classes particularly considering the major announcements this year by Toyota, Boom Supersonic, VinFast and Wolfspeed,” said Senior Vice President David Hagan.

The Pilot at Sedgefield project encompasses seven tracts of land with over 131 acres which is bordered by W. Gate City Boulevard (Jamestown Bypass), Alamance Road and High Point Road. Its central location in the Triad market and ease of access to I-73 makes it a prime opportunity for developers. Five of the seven tracts have been sold to various owners for uses such as single-family residential, multi-family residential and a senior living community. The two remaining tracts total 37.51 acres.

CBRE|Triad’s David Hagan and Joe Stanley represented the seller in the transaction and are currently marketing the two remaining land sites at the campus. The buyer was r
represented by Charlie Fulk with Meridian Realty.

Clachan Properties focuses on the acquisition, renovation, and management of historic residential and commercial properties in Virginia, North Carolina, and South Carolina. Founded in 2003, Clachan has extensive experience renovating historic structures having completed approximately $200 million in historic renovation. Clachan Properties breathes new life into often neglected and forgotten historic buildings by converting them into unique modernized apartment homes where residents can create their own history.