Durham VC firm Intersouth Partners to move within downtown
The Durham-based early-stage venture capital fund Intersouth Partners has signed a lease to move in July to another location downtown.
The science and technology-focused investment firm is moving from the American Tobacco campus to a renovated Greenfire Development building known as the historic Fire Station No. 1 at Rogers Alley.
The building, at 102 City Hall Plaza, was restored by Greenfire in 2007, according to a news release. It was originally built around 1890 and was, at one time, the home of the Golden Belt Hose Co.’s primarily volunteer firefighters, according to a news release. It was rebuilt in 1924, designed for the city’s professional fire department.
Intersouth is currently located in about 10,000 square feet of office space at the American Tobacco campus, said Suzanne Cantando, a spokeswoman for the venture fund. She said the firm will move into about 3,000 square feet in the Fire Station.
The offices at American Tobacco were too large for the firm, which she said employs 15.
“We’ve never used half the space that we’ve had there,” she said, adding that the firm has incubated start-up companies in the space as well as housing its own employees.
Intersouth was founded in 1985 and has invested in more than 115 private companies, according to the release. It manages $780 million in seven venture capital limited partnerships, focused on the technology and life sciences sectors