RESEARCH TRIANGLE PARK – Not long after the Research Triangle Foundation announced plans to move its headquarters location from the current facility to the Frontier RTP Campus, news emerged that the organization sold the soon-to-be-former headquarters to California-based Alexandria Real Estate Equities (NYSE: ARE) in a deal for some $25 million.

The news was first reported locally by the Triangle Business Journal.

The property, 12 Davis Drive, includes 18.1 acres of land and the headquarters building.

According to public records filed with the Durham County Register of Deeds, Scott Levitan, the president and CEO of the Research Triangle Foundation, signed a waiver of right of first refusal, which waives the Foundation’s right to repurchase all properties described within a prior corrected amended and restated conditions, covenants, restrictions and reservations document filed and recorded in August 2014, which included the property at 12 Davis Drive.

According to that filing, the purchase and sale agreement was dated May 21, 2021, and the acquiring entity is ARE-NC REGION NO. 23, LLC, which was registered as a business entity with the North Carolina Secretary of State’s Office in April 2021.

That business entity is managed by Alexandria Real Estate Equities, L.P., according to the filing.

The same business entity, ARE-NC REGION NO. 23, LLC, is the grantee on the deed, which was also filed and recorded on Sept. 16, 2021, according to Durham County Public Records.

The filing appears on book 9471, page 983.  The excise tax paid on the property is listed as $50,000.  North Carolina law requires the payment of $1 per every $500 or part thereof of the purchase price, putting the deal worth about $25 million.

Research Triangle Foundation to relocate headquarters to Frontier RTP campus

The Foundation did not previously reveal its plans for the 17,000 square foot building, even when announcing it would relocate headquarters to the Frontier Campus.

“As development at Hub continues, it has become clear that our team needs to be closer to the action,” says Scott Levitan, president and CEO of RTF at the time of the announcement of relocating headquarters of the organization.  “Additionally, as we seek ways to more intentionally engage with RTP companies and our partners, it makes sense for our offices to be in this accessible, connected location.”

The Triangle Business Journal reported that Alexandria’s holdings in the region now exceed 350 acres in Research Triangle Park.