RALEIGH-DURHAM, NC, Sept. 27, 2022 — CBRE Investment Management, on behalf of a separate account client, has acquired Park Point, a 662,607-square-foot life sciences campus in Raleigh-Durham’s Research Triangle. Located at 4001 NC Highway 54, Durham, North Carolina, the Class A property is aligned with the firm’s commitment to investing in life sciences assets as the demand for modern, responsive life sciences properties remains strong given the ongoing need for specialized, customizable spaces that are required to effectively carry out scientific research.
Park Point is a recently renovated adaptive reuse property, comprised of five buildings in total on 95 acres, which offers users flexible space solutions for innovative office, life science and good manufacturing practice uses. The campus features several amenities including a first-class fitness center, cafe, indoor/outdoor common areas, athletic fields, walking trails, 2,546 parking spaces and a conference and training center. Park Point also has new, efficient systems that reduce energy and water consumption and enhance indoor air quality. Electric vehicle charging stations are also slated to be installed at the property.
“Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, Head of Americas Commercial Operator Division for CBRE Investment Management. “We believe that Park Point meets those needs and fits well with our investment strategy as this uniquely amenitized asset benefits from its location within Raleigh-Durham’s Research Triangle Park with solid economic fundamentals, a strong base of scientific talent, and proximity to leading education and medical institutions. Put simply, this asset is in the right location, will attract the right end-users and offer the right user experience – one that features plenty of shared space, flexibility, technology and wellness options.”
Park Point is well-located within the Research Triangle, which is home to over two million residents and 12 colleges and universities that enroll more than 100,000 students. The area has attracted close to $4 billion in funding from the National Institutes of Health in the last two years, as well as $900 million in venture capital in 2021 alone. This concentration of highly educated talent, combined with the influx of public and private funding and low vacancy rates, has helped make the Research Triangle a premier life sciences market in the U.S.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
