Raleigh, N.C. – December 2020 – Thor Equities Group, a leading developer of urban commercial property globally, is pleased to announce it has closed on its $20.5 million acquisition of The Labs at Research Triangle Park, a 72-acre, multi-building life-sciences complex within North Carolina’s renowned Raleigh-Durham Research Triangle.
Research Triangle Park is a prominent life-sciences submarket known for its industry-leading employment growth, making it highly desirable for long-term investment and redevelopment. Thor’s purchase of the Labs at Research Triangle Park campus includes six existing properties totaling 69,059 square feet, which are 98.5% leased to a variety of life-science firms In addition, the property has over 300,000 square feet of additional development rights, with site plan approvals in-place for four additional structures to accommodate the growth of both new and existing tenants.
“The Raleigh-Durham area can go toe-to-toe with major coastal life-sciences hubs in terms of NIH funding. It absorbs the fifth-highest amount nationally for NIH funding, attracting about $1.3 billion in 2019. Thor is proud to be entering this innovative, notable life sciences market with a modern, flexible property that gives us plenty of upside potential,” explained Joseph Sitt, chairman of Thor Equities Group.
The Research Triangle Park’s central location geographically ties together three major North Carolina universities: Duke University in Durham, University of North Carolina in Chapel Hill and North Carolina State University in Raleigh. The Park, with 25 million square feet of developed space, is one of the world’s largest and most successful R&D centers nationally in terms of job creation, capital investment and the company prestige. The area plays a central role in sustaining and growing Raleigh-Durham’s bustling economy. Life-sciences annual employment increased 5.2% in 2019, according to CBRE, beating the national average of 4.2%. Overall employment there is forecast to grow 67% over the next 15 years.
This year, Thor is ramping up investments into research and laboratory space through Thor Life Sciences, a division dedicated to investing in commercial property utilized by the flourishing life sciences sector. This latest acquisition comes on the heels of purchasing 7 Powder Horn Drive in central New Jersey.
ABOUT THOR EQUITIES GROUP:
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.