Joint Venture to Break Ground on $1B Life Sciences Campus in North Carolina’s Research Triangle
MORRISVILLE, N.C. — A joint venture between Starwood Capital Group and Trinity Capital Advisors has announced plans to develop Spark LS, a $1 billion life sciences campus located within North Carolina’s Research Triangle in Morrisville.
The 109-acre development will be located at the intersection of McCrimmon Parkway and Airport Boulevard, four miles from Raleigh-Durham Airport and five miles from Apple’s new $1 billion office campus.
The 1.5 million-square-foot project is set to include 12 to 15 buildings with lab and bio-manufacturing space, green spaces, restaurants, retail, a STEM education and amenity center, and several multi-use outdoor recreation areas.
“We’re excited to continue investing in the Raleigh life sciences market, one of the top clusters in the country,” says Mark Keatley, managing director at Starwood Capital. “The Raleigh life sciences market benefits from record levels of public- and private-sector funding, which is driving increasing demand for high-quality lab and bio-manufacturing space.”
Architectural firm Hanbury has been tapped to design the campus, with Doug Cook and Suzanna Nichols of Cushman & Wakefield heading up leasing efforts for the project. A timeline for the development was not announced.
Starwood and Trinity have acquired or developed 5.1 million square feet of office and life sciences space totaling $1.1 billion of investment since 2015. Currently, the partnership owns 1.6 million square feet across two properties in the Research Triangle submarket.
Miami Beach, Fla.-based Starwood Capital Group is a private investment firm with a focus on global real estate. The company has $105 billion in assets under management.
Trinity Capital Advisors is a value-add real estate investor with a focus on acquiring and developing office, industrial and mixed-use properties across the Southeast. The company has two offices: one in Charlotte, and the other in Raleigh.