King Street Locks Down $238M Refinancing for Research Triangle Campus

Boston-based King Street Properties has obtained a $238 million loan to refinance debt for one of its industrial developments within North Carolina’s Research Triangle. Starwood Property Trust provided the capital for the first phase of an eventual 950,000-square-foot life sciences campus in Morrisville, N.C., dubbed the Pathway Triangle, which is set to be anchored by pharmaceutical giant Novartis.

A JLL Capital Markets team comprised of Brett Paulsrud, Amy Lousararian, Andrew Gray, Ward Smith, Hugh Doherty and Libby Horton negotiated the terms of the agreement.

Located at 1000 Science Drive, Pathway Triangle provides access to I-40, I-540, and North Carolina Highway 54, and is only two miles from Raleigh-Durham International Airport.

Phase I of the project is comprised of four buildings totaling roughly 582,000 square feet of manufacturing and industrial space in Morrisville, N.C. Two of these have been already completed with Building 1 partially leased to Liquidia Pharmaceuticals and Building 2 fully occupied by Novartis.

Work on the remainder of Phase I began in Q3 2026 with Novartis set to occupy a further 56,244 square feet of space within Building 7 as the sole tenant upon its completion. An additional 148,434 square feet of space available for lease in Building 4.

“Pathway Triangle represents a best-in-class advanced manufacturing campus anchored by investment-grade tenancy in one of the nation’s premier life science markets,” Paulsrud said. “The financing attracted exceptional interest given King Street’s institutional profile, the property’s validated tenant demand from global pharmaceutical leaders and the Research Triangle’s accelerating momentum as a leading biomanufacturing hub in the United States.”

The project was designed to accommodate Current Good Manufacturing Practices and advanced manufacturing uses. The campus is marketed through King Street Properties’ Pathway platform, which already showcases Pathway Devens — a 700,000-square-foot, master-planned campus in Devens, Mass. — and Pathway RTP, a 95-acre, pad-ready site in Research Triangle Park, N.C.

Overall, King Street Properties’ portfolio includes 7 million square feet of assets under ownership and management in top U.S. markets such as Boston, New York City, the Research Triangle, San Diego and California’s Bay Area.