The seller is 414 Associates, a partnership of Raleigh-based Superior Building Co. and Martin-Marietta Aggregates.
The buyers have begun renovation, which, according to published reports, will cost about $500,000. The ground floor and second floor are being redeveloped for restaurant and retail space, and the top three floors will be office suites.
The building is located on Fayetteville Street Mall, between the Sheraton Hotel and the Sir Walter apartment building.
The renovation will include restoration of the building's original façade. It is expected to reach completion and be ready for occupancy in February 2003.
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