Life Science Real Estate Reaches New Heights in Research Triangle with New Spark Project According to Cushman & Wakefield
Jade Hubbard • 8/9/2022
The commercial real estate services firm found that Life Sciences firms are attracted to major markets like the Research Triangle due to its extensive talent pool and stable business environment. Several have even announced plans to expand or develop new facilities. In total, the announcements reflect a $4 billion investment and the creation of 4,000 jobs, leading to numerous proposed projects (new construction and conversions) totaling approximately 8.2 million square feet. A new life science facility already on the horizon for the Research Triangle is the Spark LS development project, a 1.5 million square feet advanced life science campus in Morrisville, North Carolina set to deliver its first phase in mid-2023. Douglas Cook and Suzanna Nichols of Cushman & Wakefield will oversee leasing efforts for the entire project on behalf of the property owner, Trinity Capital Advisors.
“Trinity Capital is pioneering in developing a purpose-built life science campus of this scale, quality, and with lifestyle-oriented vibrancy. Spark will be the first of its kind for the Raleigh-Durham region and the go-to destination for life science in the Triangle,” said Cook, Managing Director at Cushman & Wakefield.
The Spark LS development project is set to break ground in September of this year. It will become the region’s largest mixed-use research development once complete and include up to 15 buildings, various connected green spaces, health-conscious retail partners on-site, an amenity center, and multiple outdoor recreation areas tailored for a variety of uses.
The life science campus will also be in the center of one of the nation’s most prominent communities for research and development, offering excellent access to Interstate 40 as well as the Raleigh-Durham Airport. Raleigh-Durham is one of the world’s largest life sciences clusters which is home to 569 of North Carolina’s 735 life sciences companies.
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.