Business

Pennsylvania Firm Pays $105.5M for Development Adjacent to RTP

Posted June 29, 2007 3:37 p.m. EDT

— 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.