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Deals & Dealmakers

Bain sells $450M portfolio in US Research Triangle

Bain Capital Real Estate has closed on the sale of a core life science portfolio located in the heart of the Research Triangle, North Carolina.

The 1.34 million square-foot portfolio, consisting of 18 buildings on four campuses, has been sold to an affiliate of Longfellow Strategic Value Fund, LLC, in a transaction valued at approximately $405 million.

Located in and adjacent to the Research Triangle Park, the largest dedicated scientific research park in the U.S., the 94 percent leased portfolio is home to some of the world’s leading life science innovators, including established genetic research firms, clinical research organizations and agriculture technology companies, as well as fast-growing, homegrown companies.

ELIZABETH THOMAS

Bain started to build the portfolio in 2014 with Longfellow, its operating partner on this portfolio. Since then, the team has created a STEM ecosystem of life science, healthcare and technology tenants that enjoy state-of-the-art buildouts and a mix of modern amenities.

“Bain Capital Real Estate developed a high-conviction theme based on secular tailwinds that are fueling demand for life science real estate in key cluster markets,” said Elizabeth Carrillo Thomas, a managing director at Bain Capital Real Estate.

“Through incremental investments and transformative physical and operational improvements, we created an ecosystem of flexible spaces for vibrant companies that are at the forefront of game-changing scientific innovations. We are pleased to have built an unparalleled portfolio with our partner and are confident it will continue to serve as a successful center of innovation.”

Scot Humphrey, a managing director at JLL Capital Markets, served as the exclusive advisor to Bain Capital Real Estate. The deal was secured by Holliday Fenoglio Fowler prior to being acquired by JLL.

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