Alexandria Sells $30M Research Triangle Park Site To Boston Firm
California-based Alexandria Real Estate Equities has sold its commercial site at Research Triangle Park in Durham for $29.5M, according to the Triangle Business Journal.
Alexandria originally purchased the 104-acre site, which is largely undeveloped land approved for life sciences buildings, for $91M in 2021.
Boston-based King Street Properties was the buyer of the property at 3029 E. Cornwallis Road, along Interstate 885. The sale included a 100K SF building that houses the regional research and development headquarters for DPR Construction.
The approved plan for the site includes a little more than 1M SF of property spanning three biomanufacturing buildings and four R&D buildings, the TBJ reported.
Alexandria also recently sold a Durham manufacturing facility for $155M, a fully leased flex building in Morrisville for $25M and a Durham medical office building for $12.1M.
Boston-based King Street Properties has been expanding into markets outside of Massachusetts since 2019, with large-scale projects in the San Francisco Bay Area, New York City and San Diego.
The firm acquired its first large Triangle lab space, the 479K EastRidge and Perimeter Park in Morrisville, in 2020. Its other major campus in the Triangle is Pathways Triangle in Morrisville, which King Street anticipates will become 1M SF of lab space. In October, it announced the completion of building out 370K SF on the 75-acre campus.
In addition, King Street owns two life sciences buildings totaling 165K SF in Durham.
This sale comes amid a flood of vacancies in the life sciences space across the Research Triangle after years of rapid development. Vacancy in the sector in the Raleigh-Durham area stood at 32.4% in the third quarter, according to Cushman & Wakefield. That is a year-over-year increase of 4.7%.
