CBRE Investment Management continues to grow its life sciences holdings by purchasing Park Point, a 662,607 square foot life sciences campus in Research Triangle Park in Durham, North Carolina, on behalf of another account’s client.of Triangle Business Journal report Starwood Capital Group sold a five-building, 95-acre campus to a global real estate investment management firm for $288 million.

Affiliates of Starwood Capital Group and its partners Trinity Capital Advisors When Vanderbilt Partners acquired Park Point for $37 million in July 2019. The site has been vacant since former principal tenant Nortel Networks moved out after declaring bankruptcy in 2016. The joint venture will invest more than $120 million in renovations to properties that will reopen in 2021, providing flexible space solutions for innovative office, life sciences and good manufacturing practices applications. In addition to the property, he also has rights to develop 2.2 million square feet.

Located on Highway 54-4001, North Carolina, campus amenities include a fitness center, cafe, indoor/outdoor common areas, playground, boardwalk, 2,546 parking spaces, and a conference and training center. Park Point also has new efficient systems that reduce energy and water consumption and improve air quality. The property will have an electric vehicle charging station.

Class A facilities invest in life sciences assets as demand remains strong for modern, responsive life sciences facilities to provide the specialized and customizable spaces needed for scientific research. consistent with our commitment.

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In a prepared statement, Sondra Wenger, head of commercial operators for the Americas at CBRE Investment Management, said in a prepared statement that end-users in the life sciences have very specific and sophisticated needs for labs and research spaces. and believes Park Point meets those needs and is a good fit for the company’s investment. strategy.

Wenger noted that the property’s location in Raleigh-Durham’s Research Triangle Park is an asset for its solid economic fundamentals. Research His triangle attracts scientific talent and is located near major educational and medical institutions. She also highlighted Park Point’s features, including shared spaces, flexibility, technology and wellness options. Park Point has easy access to Interstate 40, North Carolina Highway 54 and Davis Drive. Raleigh-Durham International Airport is within eight miles (8 kilometers) of the Durham campus.

Tenants include Charles River Laboratoriessigned a lease for 70,369 sq. ft. with the previous owner in January 2021 and occupied the first and second floors of the three-story Edge West building. Grail Co., Ltd. leases 200,000 square feet and is working on an early cancer detection platform. Restore3dIt is a medical device manufacturer, according to . Triangle Business Journal.

Former life sciences deal

CBRE Investment Management, formerly known as CBRE Global Investors, had $146.9 billion in assets under management as of June 30. – Life Science Facility in Cambridge, Massachusetts Alexandria Real Estate StocksCBRE IM is the majority owner of the property, which consists of a six-story building with lab and office space and a restaurant. The property is fully leased to his Alnylam Pharmaceuticals, and the retail space is occupied by Fuji of sushi restaurant Kendall. This was his second life his science property investment on the market within three months. In April, CBRE IM also acquired a stake in his 432,931-square-foot building at 100 Binney St. from Alexandria Real Estate Equities.