Pennsylvania Firm Pays $105.5M for Development Adjacent to RTP
Posted June 29, 2007 3:37 p.m. EDT
Durham, N.C. — Research Tri-Center, a 10-building complex that includes 1.5 million square feet of space, is being acquired by Grosvenor Investment Management US.
The site’s owner, Transwestern, agreed to sell the complex for $105.5 million, according to DTZ Rockwood and Colliers Pinkard, the brokers of the sale.
Research Tri-Center tenants include GlaxoSmithKline, FedEx Ground, UPS Supply Chain, Verizon and Bowe Bell & Howell. The buildings are 83 percent leased.
The complex also includes more than 8 acres of ground that have not been developed.
The complex is adjacent to Research Triangle Park.
GIM is based in Philadelphia.
"Research Tri-Center represents a high-quality institutional asset in a proven industrial market,” said Gary Lyon, managing director of acquisitions for GIM.
GIM’s parent Grosvenor is a privately held firm with $21.6 billion of international property under management.