{"id":1004609018,"date":"2022-10-27T01:24:51","date_gmt":"2022-10-27T09:24:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004609018"},"modified":"2022-12-09T01:59:17","modified_gmt":"2022-12-09T09:59:17","slug":"ancora-lg-pays-84m-for-atlanta-life-science-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ancora-lg-pays-84m-for-atlanta-life-science-asset\/","title":{"rendered":"Ancora L&G Pays $84M for Atlanta Life Science Asset"},"content":{"rendered":"
\"\"<\/a>

387 Technology Circle NW. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

Newly formed Ancora L&G<\/strong> has closed its first acquisition with the purchase of 387 Technology Circle NW in Atlanta. The partnership of London\u2019s Legal & General Capital<\/strong> and Durham, N.C.-based Ancora<\/strong> bought the approximately 128,000-square-foot life science property from TPG Real Estate Partners<\/strong> in an $84 million transaction. Eastdil Secured<\/strong> led the asset selection process.<\/p>\n

Located in Midtown Atlanta, 387 Technology sits in a coveted area across the Georgia Institute of Technology within the Science Square Innovation District. The five-story office and laboratory building previously changed hands in 2020, when TPG purchased the asset from the University Financing Foundation for $60 million.<\/p>\n

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READ ALSO:<\/strong> Life Science Assets Maintain Lasting Appeal<\/a><\/p>\n

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Previously known as Technology Enterprise Park I, 387 Technology welcomed its first tenants in 2007. The Class A building was fully leased at the time of the current sale, with four occupants calling the property home. Georgia Tech, Kemira Chemicals and VERO Biotech are on the tenant roster, as is CardioMEMS, which signed on for 41,300 square feet in the fourth quarter of 2021.<\/p>\n

Off to a pioneering start<\/h2>\n

Ancora and its partner across the pond founded Ancora L&G in May 2022 with an initial seed capital investment of $500 million<\/a>. When leveraged, the funds, contributed by Legal & General Capital, allow the partnership to pursue its plan of investing $4 billion in life science and technology real estate acquisitions and developments in the U.S. over the next five years. By making its first purchase in Atlanta, Ancora L&G has established a footprint in one of the country\u2019s burgeoning life science hubs.<\/p>\n

\u201cNew life sciences clusters are emerging in technology-focused cities with research capabilities and talent. U.S. Sun Belt markets such as Dallas, Atlanta and Phoenix are a few of the examples for second-tier emerging markets,\u201d according to a research report by Allianz Real Estate. The Atlanta market dovetails with Ancora L&G\u2019s goal of investing in projects featuring leading anchor institutions as key stakeholders in areas offering notable growth potential.<\/p>\n","protected":false},"excerpt":{"rendered":"

This purchase marks a first for the newly formed partnership.<\/p>\n","protected":false},"author":969,"featured_media":1004217831,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21783,21742,21747],"tags":[33101,49879,44627],"class_list":["post-1004609018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-investment","category-latest","category-office","tag-eastdil-secured","tag-legal-general","tag-tpg-real-estate-partners"],"acf":[],"yoast_head":"\nAncora L&G Pays $84M for Atlanta Life Science Asset - CPE<\/title>\n<meta name=\"description\" content=\"Ancora L&G has closed its first acquisition with the purchase of 387 Technology Circle NW in Atlanta from TPG Real Estate Partners.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ancora-lg-pays-84m-for-atlanta-life-science-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ancora L&G Pays $84M for Atlanta Life Science Asset\" \/>\n<meta property=\"og:description\" content=\"Ancora L&G has closed its first acquisition with the purchase of 387 Technology Circle NW in Atlanta from TPG Real Estate Partners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ancora-lg-pays-84m-for-atlanta-life-science-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-27T09:24:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:59:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Technology-Enterprise-Park-387-Technology-Circle-NW-Atlanta-e1666861585451.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"961\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ancora-lg-pays-84m-for-atlanta-life-science-asset\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ancora-lg-pays-84m-for-atlanta-life-science-asset\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Ancora L&G Pays $84M for Atlanta Life Science Asset\",\"datePublished\":\"2022-10-27T09:24:51+00:00\",\"dateModified\":\"2022-12-09T09:59:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ancora-lg-pays-84m-for-atlanta-life-science-asset\\\/\"},\"wordCount\":360,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ancora-lg-pays-84m-for-atlanta-life-science-asset\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/04\\\/Technology-Enterprise-Park-387-Technology-Circle-NW-Atlanta-e1666861585451.jpg\",\"keywords\":[\"Eastdil Secured\",\"Legal & General\",\"TPG Real Estate Partners\"],\"articleSection\":[\"Atlanta\",\"Deals\",\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ancora-lg-pays-84m-for-atlanta-life-science-asset\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/ancora-lg-pays-84m-for-atlanta-life-science-asset\\\/\",\"name\":\"Ancora L&G Pays $84M for Atlanta Life Science Asset - 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