Drawbridge Realty Shells Out $90M For Research Triangle Park Office
The pharmaceutical industry’s real estate is as coveted as ever, if the latest deal in Research Triangle Park in Durham, N.C., is any indication.
San Francisco-based Drawbridge Realty closed on the $89.7 million sale of the 11-story, 260,000-square-foot 4820 Emperor Boulevard, a fully-leased office that is currently the headquarters of IQVIA Holdings, a clinical research provider to the health care and pharmaceutical sectors.
The seller was Boston-based Franklin Street Properties, which bought the property nine years ago for $75.8 million. CBRE (CBRE)’s Russell Ingrum and Ben Kilgore arranged the sale.
The property is within 15 miles of four universities: Duke University, University of North Carolina at Chapel Hill, North Carolina State University and North Carolina Central University. It’s on seven acres and perched on the southeast part of the Research Triangle Park, which has been one of the most vital research and tech hubs in the south for years. The asset is also just a few miles away from Raleigh-Durham International Airport.
“With this transaction, we continue to grow our nationwide portfolio of mission critical corporate HQ locations,” Drawbridge Senior Vice President of Investments Bill Doyle said in a statement. “This is a quality asset in a sought-after growth market, and IQVIA is an excellent tenant. We look forward to working closely with them as their real estate partner in Research Triangle Park.”
IQVIA Holdings, which has been housed in the roughly 260,000-square-foot asset since 2009, has leased the property through 2026, as per a report from the Triangle Business Journal. Principal Global Investors constructed the property in 2009 and leased it out to IQVIA, which, at the time, was known as Quintiles.