King Street Lands $238M for Research Triangle Campus
The financing backs the first phase of a larger development.
King Street Properties has secured a $237.7 million loan for Pathway Triangle, a life science, biomanufacturing and R&D campus currently underway in Morrisville, N.C. Starwood Property Trust provided the note in a deal arranged by JLL.
The debt backs the 581,789-square-foot first phase of the project, which is anchored by Novartis. The Swiss pharmaceutical company signed a full-building lease at the campus in late 2025, as part of a $770 million investment plan aimed at doubling its North Carolina footprint.
Following the same strategy, Novartis preleased another property at Pathway Triangle earlier this year, planning to invest $220 million in an upcoming manufacturing facility that will produce active pharmaceutical ingredients.
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Once completed, the Pathway Triangle will have seven buildings totaling more than 950,000 square feet spread across 75 acres in the heart of the Research Triangle region.
The first phase includes two delivered facilities totaling 377,111 square feet. The 175,222-square-foot Building 1, located at 1000 Science Drive, is partially leased by Liquidia Pharmaceuticals. The 201,889-square-foot Building 2, at 2000 Science Drive, is fully occupied by Novartis.
Two other structures are currently underway in Phase One. They include Building 4, totaling 148,434 square feet, and Building 7, which will measure 56,244 square feet and was preleased by Novartis in May.
The upcoming second phase at Pathway Triangle will add three more facilities.
A life science, biomanufacturing and R&D campus
Pathway Triangle takes shape on the McCrimmon Parkway extension, in an area close to Raleigh-Durham International Airport. The campus will provide access to interstates 40 and 540, as well as to State Highway 54, allowing direct connections throughout The Triangle area, the 7,000-acre Research Triangle Park and its major employment hubs. Downtown Raleigh, N.C., is 15 miles away.
Once delivered, the buildings within Pathway Triangle will rise two stories and will feature loading dock doors with hydraulic levelers, oversized drive-in doors, passenger elevators, ample column spacing, EV charging stations and 40-foot clear heights.
The complex also includes The Junction, a dedicated amenity pavilion totaling 10,670 square feet. The building comprises a café, fitness center, training room, lounge and golf simulator, alongside an outdoor firepit area and 10,000 square feet of green space. The Junction also has access to new walking trails that will connect to a planned pedestrian and bicycle trail project in the Stirrup Iron Creek corridor.
JLL Vice President Hugh Doherty, Senior Managing Director Brett Paulsrud, Managing Directors Amy Lousararian and Andrew Gray, together with Director Ward Smith and Analyst Libby Horton, arranged the financing on behalf of King Street Properties.
North Carolina rises as a top life science destination
The Research Triangle region continues to draw major life science investments, with key drivers including a friendly business environment and range of state programs. North Carolina ranked third among the nation’s life sciences leaders, building on its fast growth as a research and biomanufacturing powerhouse, according to a recent annual report by Business Facilities.
The report also places the state third for best business climate, with factors including a skilled workforce, a thriving economy and successful policies in attracting investors and talent across a range of industries.
Expansions in the Research Triangle
Several manufacturers and pharmatech companies are currently either consolidating or expanding their footprints in North Carolina.
Last month, Reckitt unveiled a $600 million investment targeting two sites across two states. Plans call for a $400 million investment at its OTC manufacturing facility in Wilson, N.C., where the company will expand the property to 544,000 square feet. Once complete, the facility will be the largest Reckitt OTC plant in the country.
In the Research Triangle region, Genentech topped out its $2 billion facility in Holly Springs, N.C. this August. The 700,000-square-foot plant will produce treatments for metabolic conditions, with operations scheduled to start in 2029.
And earlier in 2026, AbbVie unveiled plans for a $1.4 billion campus near Research Triangle Park. The project, AbbVie’s first in the state, also marks the largest investment the company has ever made to a single project.
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