CBRE Investment Management buys life sciences campus for $288 million – Commercial Property Executive


Tip of the park. Image courtesy of CBRE Investment Management

CBRE Investment Management continues to grow its life sciences holdings with the purchase of Park Point, a 662,607 square foot life sciences campus located at Research Triangle Park in Durham, North Carolina, on behalf of a separate account customer. Starwood Capital Group sold the five-building, 95-acre campus to the global real estate asset investment management firm for $288.1 million, according to public records.

A subsidiary of Starwood Capital Group and its partners Trinity Capital Advisors and Vanderbilt Partners acquired Park Point for $37 million in July 2019. The site had been vacant since 2016 when former anchor tenant Nortel Networks left after declaring bankruptcy. The joint venture has spent more than $120 million to renovate the property, which reopened in 2021 and offers flexible space solutions for innovative uses in offices, life sciences and good manufacturing practices. The property is also entitled to an additional development of 2.2 million square feet.

Campus facilities located at 4001 NC Highway 54 include a fitness center, cafe, indoor/outdoor common areas, sports fields, walking paths, 2,546 parking spaces, and a conference and training center . Park Point also has new efficient systems that reduce energy and water consumption and improve air quality. Charging stations for electric vehicles will be installed on the property.

The Class A property aligns with the company’s commitment to investing in life science assets as demand remains strong for modern, responsive life science properties to provide the specialized and customizable spaces needed to scientific research.

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Sondra Wenger, head of the Americas Commercial Operators Division for CBRE Investment Management, said in a prepared statement that life science end users have very specific and sophisticated needs for laboratory and research space and they believe Park Point meets these needs and is a good fit for the company’s investment. strategy.

Wenger pointed to the property’s location at Raleigh-Durham’s Research Triangle Park as an asset because of its strong economic fundamentals. The Research Triangle attracts a strong base of scientific talent and is located near leading educational and medical institutions. She also highlighted features of Park Point, including shared space, flexibility, technology, and wellness options. Park Point offers easy access to Interstate 40, NC Highway 54 and Davis Drive. Raleigh-Durham International Airport is less than 5 miles from the Durham campus.

Tenants understand Charles River Laboratorieswhich signed a 70,369 square foot lease with the former owners in January 2021 to occupy the first and second floors of the three-story Edge West building. GRAIL inc. rents 200,000 square feet and works on an early cancer detection platform. restore3da medical equipment manufacturing company, is expected to take up 50,225 square feet between the Edge West building and the Grid building starting in early 2023, according to the Triangular business diary.

Past life science offerings

CBRE Investment Management, formerly known as CBRE Global Investors, had $146.9 billion in assets under management as of June 30. In July, a joint venture between a CBRE IM-sponsored fund and a public REIT acquired 300 Third St., a life sciences-property in Cambridge, Mass., from Alexandria Real Estate Stocks. CBRE IM is the majority owner of the property which includes a six-story building with a laboratory and offices, and a restaurant. The property is fully leased to Alnylam Pharmaceuticals and the retail space is occupied by Fuji at Kendall, a sushi restaurant. This was the second life sciences real estate investment on the market in three months. In April, CBRE IM acquired an interest in a 432,931 square foot building at 100 Binney St., also from Alexandria Real Estate Equities.


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