Lightstone acquired a 92,000-square-foot life science portfolio in the Raleigh-Durham Research Triangle. The properties, 3500 Paramount Parkway in Morrisville, North Carolina, and 3000 Weston Parkway in Cary, North Carolina, were acquired for approximately $9 million, bringing the firm’s total investment in the area this year to nearly $100 million.
Both 3500 Paramount Parkway and 3000 Weston Parkway are tenant-ready spaces with fully functional research and development labs and supporting office spaces. Both are located in highly visible corridors near numerous corporate headquarters, with the Paramount Parkway located just two miles from the Raleigh-Durham International Airport. Lightstone plans to lease up the buildings immediately.
Cushman & Wakefield’s David Finger and Alban Barrus brokered the transactions.
Earlier this year, Lightstone acquired an over 83,000 square foot life science property from Pfizer located at 1219 Shiloh Glenn Drive in Durham County, North Carolina.
Lightstone’s life sciences platform totals 1 million square feet and invests across life sciences, medical office, and technology-focused assets.
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