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SciQuest moving from Cary to Morrisville's Perimeter Park

Cary-based SciQuest has agreed to lease two the first and second floors of Duke Realty’s new Perimeter Two speculative office building now under construction in Morrisville’s Perimeter Park.

SciQuest, a developer of cloud-based software, will occupy 78,565 square feet in Perimeter Two. The 206,409-square-foot building, which is expected to open in June 2014, is now 91 percent preleased.

Duke’s ability to quickly lease up a new building speaks to the improving health of the Triangle’s office market. The region has seen very little speculative office construction since the credit markets froze in 2008, which has left tenants looking to move with few options.

Duke Realty sells Morrisville building to REIT for $19.5m

Duke Realty has sold another one of its Triangle buildings.

Carter Validus Mission Critical REIT paid $19.5 million for Duke's building at 5150 McCrimmon Parkway in Morrisville, according to property records. Most of the 145,000 square feet in the building is leased to Peak 10, the data center company.

Jeff Sheehan, a senior vice president with Duke in Morrisville, said the building wasn't on the market. Carter Validus approached the company about the property, which was originally constructed for the Web-hosting company Interpath.

Novella Clinical leases 77,239-square-foot buidling in Perimeter Park

Contract research organization Novella Clinical, which has grown its Triangle workforce from 75 to 250 employees over the past seven years, is moving to larger offices.

The company has leased a 77,239-square-foot Duke Realty building at 1700 Perimeter Park in Morrisville. Novella has until now occupied 56,665 square feet in two buildings in the nearby Imperial Center in Durham.

The 1700 Perimeter Park building was previously occupied by Salix Pharmaceuticals, which  relocated last fall to North Raleigh.

Novella employs 800 worldwide. The company has added 35 employees in the Triangle so far this year, and CEO Richard Staub said in a statement that the company expects to continue to add employees based on current sales projections.

The Triangle has become the epicenter of the CRO industry, which helps pharmaceutical and biotechnology companies test experimental drugs.

Other CROs with a presence here include industry leader Quintiles, INC Research, PRA International and Wilmington-based PPD.

Privately-held Novella Clinical was founded in 1998. The company specializes in oncology and medical device testing for small and mid-size bio-pharmaceutical clients.

Texas investor pays $43.95 million for portfolio of Triangle office buildings

The real estate arm of investment bank Goldman Sachs has bought a portfolio of six Triangle office properties for $43.95 million, according to Wake County property records.

The Archon Group, based in Irving, bought the buildings from Duke Realty, which listed the portfolio for sale in August.

The properties include 427,000 square feet spread across four buildings in West Raleigh, one in Cary and one in North Raleigh.

The buildings, all built between 1986 and 2000, were 83 percent leased at the time Duke put them on the market.

The sale is part of the Indianapolis-based real estate investment trust’s strategy of increasing its industrial and medical office portfolio while reducing the number of office assets it owns.

Duke Realty selling 10.1 million square feet of office space to Blackstone

Duke Realty announced today that it is selling 10.1 million square feet of its suburban office portfolio to the private equity firm Blackstone.

The purchase price is $1.08 billion.

None of the assets involved are in North Carolina. The portfolio includes properties in Atlanta, Chicago, Columbus, OH, , Dallas, Minneapolis, Orlando and Tampa.

The sale is part of Indianapolis-based Duke's strategy of shifting its focus from office to industrial properties.


Duke Realty acquires two Durham industrial properties for $30.4 million

Duke Realty, which last month paide $31 million for the Greenfield North business park in Garner, has acquired two other industrial properties in Durham.

Duke paid $30.4 million for the CenterPoint I and CenterPoint II buildings on T.W. Alexander Drive.

CenterPoint I, a 324,536-square-foot distribution facility, was bought for $17.5 million from Petrus Partners/Crown West Realty.

It's leased to two medical equipment companies, Teleflex Inc. and Medline Industries.

CenterPoint II, a 230,580-square-foot distribution building, was bought for $12,912,000 from the Keith Corp.

Chris Norvell, Rob Cochran and David Finger of Cassidy Turley represent the sellers in both CenterPoint transactions.

The purchases are part of Duke's ongoing strategy of shifting its focus from office to industrial properties.

Slate Pharmaceuticals relocating to CapTrust Tower at North Hills

Slate Pharmaceuticals, a small private drug company that markets a testosterone medication, is moving from Research Triangle Park to the CapTrust Tower at North Hills.

Slate officials said in a release that the move will double its footprint, although the company declined to disclose the exact square footage it will occupy.

The 275,000-square-foot, 17-story CapTrust Tower was developed by Kane Realty and Duke Realty.

It opened in 2009 and is now 71 percent leased.

Slate, which was founded in May 2006, markets Testopel, a long-acting testosterone medication that has been approved by the Food and Drug Administration.

The company's founder and CEO, Bob Whitehead, was previously president and chief operating officer of Auxilium Pharmaceuticals, a company that focused on urology and men’s health.

Morrisville's TearScience moving to larger space at Perimeter Park

Morrisville medical device company TearScience, which raised $44.5 million last year, has signed a lease for roughly 20,000 square feet in a Duke Realty building in Perimeter Park.

The company expects to relocate sometime this summer, CEO Tim Willis said today.

Willis said the company had planned to take additional space at its current location, 1101 Aviation Parkway, but other surrounding tenants extended their leases last year when TearScience was still unsure whether it would land additional funding.

TearScience's $44.5 million was the most venture capital raised by a Triangle firm in 2010.

The company, which focuses on devices for diagnosing and treating dry eye disease, employs about 25 people.

The company is delaying adding more employees until it gets word from the U.S. Food and Drug Administration, which is reviewing TearScience's application for the LipiFlow Thermal Pulsation System.

CapTrust Tower at North Hills adds two tenants

The CapTrust Tower at North Hills has leased nearly 19,000 square feet to two new tenants.

Wasserman Media Group is moving into 10,294 square feet on the 10th floor. NovaQuest Capital Management will occupy 8,586 square feet on the building's ninth floor.

Wasserman Media Group is a global sports and entertainment company based in Los Angeles.

NovaQuest Capital Management manages investments in the biotech and pharmaceutical sectors. 

Developed by Duke Realty and Kane Realty, the 275,000-square-foot, 17-story CapTrust Tower opened in 2009.

It is home to some of the priciest office space in the Triangle with asking rates above $30 a square foot.

The building was 67 percent occupied in the fourth quarter of 2010, according to a Grubb & Ellis Thomas Linderman Graham survey of the Triangle office market.

Duke Realty makes first acquisition in Charlotte

Duke Reality has expanded into the Charlotte market.

The Indianapolis-based REIT said today it has acquired Morehead Medical Plaza I, a 190,773-square-foot medical office building on the Carolinas Medical Center campus.

Duke owns and manages 5.4 million square feet of commercial real estate in North Carolina, most of it in the Triangle.

The plaza, which is connected to Carolinas Medical Center’s 874-bed inpatient care tower by an enclosed walkway, is fully leased.

One of Duke's strategies has been to expand its medical office portfolio, particularly buildings located on hospital campuses.

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