Oxford Acquires Research Triangle Park Life Sciences Campus for $158.6M, Plans 510,000 SF Expansion
DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed.
Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize.
For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.