TARGAN Leases New Raleigh Facility

1 min read

The deal comes as the Raleigh-Durham life science sector continues to grow.

The Midtown BioCenter
The Midtown BioCenter. Image courtesy of CBRE.

Bio-systems company TARGAN has leased Midtown BioCenter, a 100,000-square-foot development under construction at 350 E. Six Forks Road in Raleigh, N.C. CBRE represented the landlord, East West Partners, while Cushman & Wakefield negotiated on behalf of the tenant.

Originally constructed in 1991 as a Kroger grocery store, Midtown BioCenter is currently repurposed to feature high-bay lab and biomanufacturing space, as well as offices. Redline Design Group is the lead architect of the project, and ARCO Design/Build is undertaking the reconstruction and conversion of the space. Completion is slated for 2023.

READ ALSO: Why the Life Sciences Boom Is Not Likely to Bust

Upon delivery, Midtown BioCenter will be the first life science-focused facility in the Midtown Raleigh area. The building’s suburban location is some 4 miles north of downtown Raleigh and less than 2 miles from a mixed-use development set to include some 500,000 square feet of office space, 90,000 square feet of retail, as well as 220 residential units.

The Raleigh-Durham life science market continues to emerge and expand while the industry sees a nationwide boom. In January, Starwood and Trinity Capital announced their plan to build a a $1 billion campus in Morrisville, N.C., with the first facility to be delivered in 2023.

Another life science project is taking shape on 150 acres in Holly Springs, N.C. Crescent Communities and Nuveen Real Estate are developing a $500 million campus that would include as much as 2 million square feet of biomanufacturing, lab and office space.

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