CBRE Acquires Park Point Life Sciences Campus in Durham, North Carolina for $288M
DURHAM, N.C. – CBRE Investment Management, on behalf of a separate account client, has acquired Park Point, a 662,607-square-foot life sciences campus located within Research Triangle Park in Durham. Although the seller and price were not disclosed, Triangle Business Journal reports that Starwood Capital sold the asset for $288 million.
Starwood, along with Trinity Capital and Vanderbilt, acquired Park Point in 2019 as a vacant, single-tenant industrial building, implementing a $190 million adaptive reuse project at the 95-acre site. The property now offers flexible space solutions for office, life sciences and manufacturing tenants.
Located at 4001 NC Highway 54, campus amenities include a fitness center, cafe, indoor/outdoor common areas, athletic fields, walking trails, 2,546 parking spaces and a conference and training center. Park Point also has new, efficient systems that reduce energy and water consumption and enhance indoor air quality. Electric vehicle charging stations are slated to be installed at the property.
“Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, head of Americas commercial operator division for CBRE Investment Management. “We believe that Park Point meets those needs and fits well with our investment strategy. This uniquely amenitized asset benefits from its location within Raleigh-Durham’s Research Triangle Park with solid economic fundamentals, a strong base of scientific talent, and proximity to leading education and medical institutions.”
Research Triangle Park is home to over two million residents and 12 colleges and universities that enroll more than 100,000 students. The area has attracted close to $4 billion in funding from the National Institutes of Health in the last two years, as well as $900 million in venture capital in 2021 alone.
— Kari Lloyd