Related Cos. Lands Research Triangle Tenant

Asensus Surgical has signed a 63,000-square-foot lease at Related Fund Management’s 248,456-square-foot office building The Stitch in Morrisville, N.C.  

The deal marks the largest R&D life science lease in the Research Triangle since 2022, according to JLL. The brokerage firm arranged the deal on behalf of both the ownership and the medical technology company that specializes in digital surgery.

As of July, the national in-place rents clocked in at $32.7 per square foot, reflecting a 15-cent drop month-over-month, but up 3.3 percent year-over-year, according to the latest Yardi Matrix office report. The U.S. office vacancy rate stood at 19.4 percent, unmoved from the previous month, but 130 basis points higher than the same time last year.

The Stitch: retail turned into office

Originally built in 1981 to serve as a retail property, the single-story facility was converted into an office building in 2021, Yardi Research Data shows, actually bucking the ongoing trend regarding the future of office space. After redeveloping it, Equator Capital Management sold the asset to Related Cos. for $181.8 million, or about $727 per square foot. Equitable Insurance Co. issued a $92.2 million acquisition loan. 

Located at 1001 Airport Blvd. on a 25-acre site, The Stitch encloses flexible lab, office and collaboration space. Shared amenities include collaborative outdoor areas, conference and event spaces, outdoor green spaces and parking. The low-rise is near interstates 40 and 540, as well as 13 miles from Raleigh, N.C., and Durham, N.C. The Raleigh-Durham International Airport is within 2 miles northeast.

JLL Capital Markets Executive Vice President Eric Forshee, Managing Director John MacDonell and Senior Vice President Ashley Ingram worked on behalf of the landlord. Executive Vice President Ryan Lawrence and Vice Chairman Joe Judge represented the tenant.