King Street Properties has received $237.7 million in refinancing for the first phase of the Pathway Triangle Campus in Morrisville, North Carolina. The loan was provided by Starwood Property Trust. The JLL Capital Markets team, comprising Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty, and Libby Horton, arranged the transaction.
The Pathway Triangle Campus comprises four buildings with a total area of nearly 582,000 square feet, designed for advanced manufacturing and life sciences. Novartis serves as the anchor tenant here.
Strategic Importance and Location
Brett Paulsrud emphasised in a statement that the Pathway Triangle Campus is a premier advanced manufacturing facility, anchored by credit-worthy tenants in one of the country's leading life sciences markets.
The Pathway Triangle site, located at 1000 Science Drive, is in the heart of North Carolina's Research Triangle. This region is a significant biomedical hub in the USA, home to notable institutions such as Duke University, the University of North Carolina at Chapel Hill, and North Carolina State University. The Research Triangle has received $575 million in state funding over the past 19 years and generated nearly $21 billion in private investment.
The strategic location is underscored by its immediate proximity to Raleigh-Durham International Airport, just two miles away, as well as excellent connectivity to Interstate 40, Interstate 540, and North Carolina Highway 54.
Expansion and Tenant Structure
Upon completion of the second phase, the entire Pathway Triangle Campus will span over 950,000 square feet. In addition to Novartis, Liquidia Pharmaceuticals is among the key tenants of the facility.
King Street Properties' portfolio of manufacturing facilities includes other significant projects such as Pathway Devens in Massachusetts and Pathway RTP also in North Carolina.
