United Therapeutics Buys 3 Buildings in Research Triangle Park for $17.5M
- Jul 07, 2012
by Adriana Pop, Associate Editor
United Therapeutics Corp. has paid GlaxoSmithKline $17.5 million for the purchase of three buildings in the Research Triangle Park. The property sits on 135 acres of land adjacent to United Therapeutics’ 55-acre manufacturing facility and encompasses approximately 720,000 square feet of office and laboratory research space. The Research Triangle Park’s distinctive Elion-Hitchings building on Cornwallis Road was included in the sale.
According to Andrew Fisher, United Therapeutics’ executive vice president and chief strategy officer, the new acquisition paves the way for the company’s growth. The Maryland-based drug manufacturer has more than 100 employees at the site and expects to reach up to 350 workers.
The Triangle Business Journal reports that United Therapeutics will soon finalize construction of the $76 million, 180,000-square-foot Research Triangle Park campus expansion where it plans to manufacture, package and label a new pulmonary hypertension drug treatment called oral treprostinil. The company expects to reach $1 billion in revenues next year.
GlaxoSmithKline has almost completed the consolidation of its operations at the Moore Drive campus in the Research Triangle Park and has 107 acres available for sale at 3029 E. Cornwallis Road. Raleigh-based brokers David Finger of Cassidy Turley and Jim Allaire represented the company in the transaction, the newspaper reports.
In other news, developer Neal Coker’s Burcam Capital II LLC, owner of 510 Glenwood building in Raleigh, has filed a Chapter 11 petition to avoid foreclosure on the property’s lower floors and adjacent 450-space parking deck. The company cited both assets and liabilities within a $10 million to $50 million range.
Burcam Capital II stopped making mortgage payments in August last year and was unable to renegotiate the terms of the $13 million loan it took out in 2003. According to the NewsObserver, the company had sold the building’s residential condominiums situated on the top three floors, while retaining ownership of the approximately 50,000 square feet of office and retail space. The bankruptcy filing will have no impact the property’s commercial tenants, the company said.
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