Newmark Grubb Knight Frank (NGKF) has closed three tenant representation transactions in the Raleigh-Durham market in North Carolina, for major life science firms including a headquarters’ relocation and consolidation for Parata Systems; a renewal and expansion that significantly increases the footprint of Laboratory Corporation of America® Holdings (LabCorp®); and SynteractHCR’s move to Research Triangle Park for larger space to accommodate steady growth of its operations to support global clinical trials. Executive Managing Director Brad Armstrong and Director Doug Brock of NGKF represented all three tenants in the deals that combined include more than $25 million and 224,000 square feet.
“Delivering on these clients’ real estate strategies proved challenging, given their research and development trajectory, tightening market conditions and the requisite capital investments for tenants’ build-out requirements,” Armstrong said.
Parata, a pharmacy technology firm, will relocate to a build-to-suit headquarters at Alexander Industrial Park in Durham. The move also consolidates two Durham locations - corporate offices as well as a manufacturing and distribution center - into new one building with two floors totaling 100,000 square feet.
LabCorp, the world’s leading healthcare diagnostics company, renews at Eastridge at Perimeter Park in Morrisville in two buildings with a mix of office and laboratories totaling 87,000 square feet.
SynteractHCR, a clinical research organization, is relocating to 430 Davis Drive in Durham and expanding from 11,078 square feet to 23,403 square feet. The company will occupy the fifth floor in a prominent location along the Triangle Expressway and Research Triangle Park submarket.
“These facilities maximize efficiencies to support business objectives and future growth for three distinctly different life science leaders. Parata, LabCorp and SynteractHCR each found the ideal space to improve operations, mitigate costs and strengthen culture,” Brock said.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
About Parata Systems
Parata provides pharmacy technology solutions that support business growth, better health outcomes, and lower medical costs. Parata Max®, our high-speed robotic dispenser, can automate up to 60 percent of your script volume, leaving your team free to engage patients and provide value-added services. A comprehensive adherence program using Parata PASS strip packaging can capture additional revenue from your existing patients, attract new patients and partners, and help you improve Star Ratings, medication adherence, and patient outcomes. In long-term care communities, PASS packaging creates a faster, safer med pass and frees more time for patient care. Learn more at parata.com.