Goldman Sachs JV Buys Research Triangle Campus

4021 Stirrup Creek Dr.

A joint venture between Goldman Sachs Asset Management and Lincoln Harris has completed the purchase of a five-building, 445,000-square-foot portion of the Triangle Business Center life science campus in Raleigh, N.C.

The joint venture has acquired the assets at 4016, 4020, 4021, 4022 and 4025 Stirrup Creek Drive from TPG, according to CommercialEdge. Lincoln Harris had previously owned part of the campus and will assume leasing brokerage duties.

The buildings within TBC were developed between 1983 and 2000, and host a mix of office and laboratory space for tenants in the medical, technology and nutritional science fields, according to CommercialEdge information. The campus’ occupants include DuPont, Novan, Charles River Laboratories and Carsgen Therapeutics.

TPG had begun a series of upgrades to the property, including the construction of a two-story 14,000-square-foot amenity space, which includes a fitness center, landscaped outdoor areas, as well as a lounge and conference center. The new owners plan to continue these improvements, in addition to undertaking their own series of further renovations, including servicing utilities and the construction of new laboratory space for both current and future tenants.

Lincoln Harris Vice Presidents Kaler Walker Moseley and Amy Watkins will oversee leasing activities for the property.

The Research Triangle’s returns

Situated 2 miles to the northeast of Raleigh-Durham’s Research Triangle, TBC changes hands at a time when the area experiences a strong life science investment and development activity. According to data from Cushman & Wakefield, North Carolina is home to 790 life science companies, of which 634 are in the Research Triangle. The area currently has more than 1.6 million square feet of space under construction, in addition to 12.5 million square feet of existing life science properties.

READ ALSO: Exploring Redevelopment Opportunities Within Life Sciences

The Research Triangle is home to some of the nation’s largest life science projects, including an under-construction $1 billion, 1.5 million-square-foot joint development between Starwood and Trinity Capital, as well as Nuveen’s $500 million, 120-acre expansion of The Yield.