Oak Street Acquires $213M Research Triangle Park Asset

Syngenta RTP Innovation Center

Oak Street Real Estate Capital, part of Blue Owl Capital, has acquired Syngenta RTP Innovation Center, a 336,000-square-foot life science campus in North Carolina’s Research Triangle Park. Syngenta sold the Class A property for $213.3 million, according to Durham County records, in a sale-leaseback transaction.

The biotechnology firm developed the campus in two phases between 2013 and 2017, on a 50-acre former industrial site. Syngenta then consolidated three other RTP locations at the property that houses the company’s global research and development center for Syngenta Seeds.

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Located at 9 Davis Drive in Durham, N.C., the center’s 200,000-square-foot research facility comprises a four-story laboratory wing and three-story administration wing, connected by a three-story atrium, as well as both formal and informal collaborative areas.

The adjacent, 136,000-square-foot Advanced Crop Lab features 32 growing chambers and a media-prep suite that includes a clean room, mixing lab and environmental media storage areas. The campus is Green Globes certified, attaining three out of four Green Globes for sustainability.

Syngenta is currently developing a $18 million campus expansion, a 13,000-square-foot insectary. The facility, which will allow for more research on insects, broke ground this April and is expected to complete construction in May 2023.

Growing at Research Triangle Park

RTP, the largest research park in the U.S., has seen several deals within its grounds this year. FUJIFILM recently invested $188 million into a cell culture media manufacturing facility at the park, anticipated to open in early 2025.

In September, CBRE Investment Management acquired a 662,607-square-foot life science campus, on behalf of a separate account client. Starwood Capital Group sold the five-building, 95-acre campus for $288.1 million.

And, in February, Crescent Communities, in partnership with Nuveen Real Estate, added 120 acres in Holly Springs, N.C., to The Yield, Crescent’s $500 million, in-progress life science campus. The property could comprise as much as 2 million square feet of biomanufacturing, lab and office space at full build-out.