Parmer expands RTP campus, buys DowDupont parcel
Source: Triangle Business Journal
Parmer Innovations Centers has purchased a 44-acre parcel in Research Triangle Park, adding to its recently-acquired research and administration campus.
Durham County real estate records show Parmer purchased the property for $6.5 million. The 44-acre tract is home to 276,726 square feet of office, laboratory and manufacturing space, with room for expansion.
The property is located at 14 TW Alexander Drive and will be rebranded as Parmer 14. The site will be ready for occupancy in the first quarter of 2018, according to a press release. Parmer purchased the property from a subsidiary of DowDupont Inc. Officials from DowDupont did not immediately return calls for comment.
In May, a subsidiary called Parmer RTP LLC purchased a nearby 20-building campus for $110 million from pharmaceutical company GlaxoSmithKline and leased 700,000 square feet of the campus’ 1.8 million square feet back to the company. The deal included 20 research, office and laboratory buildings and 470 acres. The campus was then rebranded as Parmer RTP. This latest acquisition is in close proximity to the existing Parmer campus.
Parmer RTP LLC is an affiliate of Karlin Asset Management, founded in 2005 by David A. Cohen to manage the capital of Dr. Gary K. Michelson, a spinal surgeon-turned-inventor, philanthropist and billionaire, according to federal and state records. Karlin Asset Management’s real estate branch also is a development partner at the 400-acre Parmer Austin office park in Austin, Texas, which is anchored by General Motors, The Home Depot Technology Center and Allergan, in addition to the Parmer Riata office park in Austin that is leased entirely to Apple.
Brian Carr and Lee Clyburn with CBRE Raleigh represented the buyer.