Two big players in life sciences investing and development, Charlotte-based Trinity Capital Advisors and California-based Foundation Capital Ventures, are seeking to expand nationally and work together on projects.
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The partnership, known as Foundation, will be led by Trinity Managing Partners Denis Sullivan, Scott Altick, Walker Collier and Jeff Sheehan. Significant focus will be placed on recapitalizing existing assets, Sullivan said. Trinity was a significant buyer of defaulted loans during the Global Financial Crisis.
The two firms first collaborated on Park Point LP in Durham, North Carolina, and Spark LS, a $1B, 109-acre mixed-use life sciences campus in the Research Triangle Park region. Trinity had seen success in the RTP market, Sheehan said, and began looking for a partner to make a move to go national.
Trinity boasts a 3M SF portfolio in the Research Triangle, including the 911K SF Southport Innovation Center in Morrisville, North Carolina, and the 265K SF Venable Center in downtown Durham.
Sheehan said he sees opportunity in utilizing the firms’ combined relationships with tenants. It would be an obvious move to help those doing research and development in the three biggest life sciences markets find space to commercialize and expand in North Carolina, taking advantage of the region’s biomanufacturing strength.
“We're also really excited about the amount of early stage research that is coming to North Carolina, acknowledging the skilled workforce that's available,” said Sullivan, a former BioMed Realty chief investment officer.
But while there are opportunities in this environment, it is important to be selective.
“We think that going forward, you're really going to have to be a stock picker, in terms of which projects you select,” Sullivan said. “And we really see a value in having a proven track record as an operator from both a tenant and a lender perspective.”
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