Oxford Properties buys Research Triangle Park portfolio for $ 138 million

DURHAM, NC – Oxford Properties Group has acquired Research Commons, a portfolio of five office buildings in Durham, NC, for $ 138 million.

Located at 79 TW Alexander Dr. in the nation’s largest dedicated research park, Research Triangle Park, Research Commons is primarily occupied by companies in the life sciences and life sciences. The property offers the possibility of providing additional space for life sciences, depending on the list of tenants, the location and the structural characteristics of the existing buildings.

JLL Capital Markets marketed the property on behalf of the seller, recruited the buyer and closed the sale. JLL worked on behalf of the buyer to arrange a $ 127.5 million financing from United Overseas Bank Limited.

“Growing a significant life sciences company is one of Oxford’s most compelling global investment strategies,” said Andy Field, vice president of investments at Oxford Properties. “We believe the Research Triangle should benefit from secular favorable winds that are driving demand in the life sciences sector. “

Field adds, “This transaction will add the infrastructure required to help innovative companies at all stages of their lifecycle bring life-changing therapies to market. We are grateful for the support provided by JLL Capital Markets and United Overseas Bank to help us achieve this goal. “

Raleigh-Durham is currently one of the top five life science fields in the country. The region is experiencing strong business relocations and internal migration, as companies and employees seek a low cost of living, high quality of life and good places to do business. In addition, there are 12 colleges and universities in the area, including Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University.

“This offering has generated considerable investor interest both nationally and internationally,” said John Mikels, Director of JLL. “Raleigh has become a formidable center for the life sciences, but in recent times it is also firmly on the radar of the global community as a leading investment market. Ultimately, we were able to find a global buyer and fund the transaction from a Singapore-based lender, underscoring the global appeal of the asset and the market. “

“Despite a tight schedule, we have secured a wide variety of interests from debt funds, life insurance companies and banks, which speaks volumes not only about the caliber of the sponsorship, but also the changing views of lenders on the life sciences asset class and the emergence of the Triangle as a target market for lenders, ”said Aaron Niedermayer, senior managing director at JLL. “The United Overseas Bank team ran a transparent process and we couldn’t be happier to have facilitated this transaction on behalf of Oxford. “

JLL’s Capital Markets team representing the seller was led by Directors John Mikels and Daniel Flynn, Senior Managing Director Ryan Clutter, Senior Managing Director Chris Lingerfelt and Analyst Woody Flythe. JLL Capital Market Senior Managing Director Aaron Niedermayer and Managing Director Roger Edwards led the fundraising efforts on behalf of Oxford Properties.

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