RESEARCH TRIANGLE PARK — Longfellow Real Estate Partners, a long-time developer in the Bull City and the force behind the “Durham Innovation District” (aka Durham.ID), is continuing its bullish run of life science/tech acquisitions in RTP.
The Boston-based firm announced today the acquisition of Perimeter’s Edge, a 399,072-square-foot portfolio of five office/flex single-story buildings adjacent to RTP.
Perimeter’s Edge is part of a larger array of buildings and amenities known as Perimeter Park strategically located between RTP proper, RDU International Airport and the region’s major cities.
Longfellow did not disclose price tag, but would say it has big plans for the site that opened in 1990 and was refurbished in 2002.
They include a series of capital improvements, including facade and landscape enhancements. The developers will also implement its proprietary amenities and hospitality program, Elevate, and said it also has plans to eventually convert vacant suites to “state-of-the-art” lab space.
The approach is similar to transformations Longfellow has successfully undertaken elsewhere, including at RTP’s Venture at Imperial Center. Longfellow acquired Venture in 2015 and set out to remake it. The 142,746-square-foot is now 100 percent leased, it reports.
Perimeter Park already contains various amenities including on-site fitness centers, green space, seven miles of walking trails, multiple dining options, lodging, daycare, dental and medical services, as well as Triangle Transit bus stops throughout.
“Perimeter’s Edge is a great complement to our existing Triangle portfolio of 1.9 million square feet of Class A life sciences and innovation space,” said Longfellow’s Durham-based partner Jessica Brock in a statement. “As with Keystone Technology Park, our projects at Imperial Center, and the Durham.ID, Longfellow’s amenities and other upgrades will create a vibrant sense of place that will help attract top tenants and talent.”
Longfellow was founded ten years ago in Boston. In 2014, the company launched a second headquarters in Downtown Durham, where it is developing the 15-acre, 1.7 million SF Durham.ID. Longfellow’s RTP portfolio includes 19 buildings: 11 at Keystone Technology Park, six at Imperial Center, Biopoint Innovation Labs and the Hopson building. Its total portfolio in North Carolina — i.e., RTP, plus Durham.ID — now amounts to 2,341,171 SF.
Longfellow’s acquisition of Perimeter’s Edge comes two months after their purchase of 1035 Swabia Court which expanded the firm’s lab offering in RTP’s Imperial Center Office Park. Longfellow has experienced steady growth in the Triangle with more than 40 local team members and multiple open positions available.
As part of Longfellow’s vision of adding green space to Downtown Durham, the firm completed Morris Green Park in December. An urban pocket park within the Durham Innovation District, Morris Green Park is located at the intersection of Liggett, Fernway and Morris, directly across from the 200 and 300 Morris buildings. Complete with a permanent “I AM DURHAM” art installation ready-made for photos, the park also includes built-in bench seating with power supply and tree up-lighting. Designed for daytime and weekend events, the park’s programming includes outdoor yoga, ultimate frisbee, picnics and more.
Longfellow’s total portfolio includes over 4.8 million square feet of life science and tech space owned and under management in innovation hubs such as Greater Boston, San Diego, San Francisco and North Carolina’s Research Triangle region.
Longfellow’s brokerage team, including Matt Goodrich and Greg Capps, will take the lead on leasing Perimeter’s Edge.