California investor spends $590 million to expand footprint in Research Triangle Park

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A huge portion of a campus in Research Triangle Park has been sold in a deal that tops $590 million.

On Monday, Pasadena, California-based Alexandria Real Estate Equities Inc. closed on 253.11 acres at Parmer RTP for $590.4 million, according to Durham County deed records.

The purchase includes seven parcels across three deed transfers with properties at 14 TW Alexander Drive, 5 Moore Drive, 41 Moore Drive, two at 1818 Ellis Road and two at 2400 Ellis Road.

The seller, Los Angeles-based Karlin Real Estate, has been assembling land and developing the 500-acre campus for years.

Alexandria Executive Chairman and founder Joel Marcus told TBJ the company is unable to comment on the purchase at this time. Alexandria has research campuses across the country, including an agtech center in Research Triangle Park.

Parmer RTP is among the largest assemblages in Research Triangle Park, featuring and R&D campus with 20 buildings and tenants such as LabCorp, Credit Suisse and others. In December, Karlin paid $8 million for 101 acres to add to the campus.

Before this week’s sale, Karlin had acquired 2.5 million square feet of office and lab space and 650 acres of land in RTP since 2017, most notably the 1.75-million-square-foot Parmer RTP campus, formerly owned by GlaxoSmithKline. Karlin completed an $80 million overhaul of the campus.

Recent months have seen several major investments and developments in Research Triangle Park.

In June, Duke University announced its plans for new campus at Parmer RTP dedicated to faculty work on vaccines and infectious disease as hundreds of millions in new funding for research pours into the university. The project will be an expansion of the Duke University School of Medicine and will host 200 to 250 faculty members and researchers.

in May, Indianapolis-based Eli Lilly (NYSE: LLY) bought 110 acres at Parmer as the company plots its entrance into the region. That property is situated near the intersection of Ellis Road and SoHi Drive at the north end of RTP and near the on-ramp to Hwy. 147.

Original Article Source: Triangle Business Journal