Novartis Acquires 45-Acre Office Site In Durham From Alexandria Real Estate For $155M

An office asset located at 14 T.W. Alexander Drive in Durham, NC, covering 45 acres was sold for $155,000,000. The property features a total square footage of 270,051 and has a price per square foot of $574.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $155,000,000
• Address: 14 T.W. Alexander Drive
• Market: Durham, NC
• Acres: 45
• Square Feet: 270,051
• Price per Square Foot: $574
• Buyer: Vasant Narasimhan - Novartis
• Seller: Peter M. Moglia - Alexandria Real Estate Equities Inc

Vasant Narasimhan represented Novartis in the acquisition from Peter M. Moglia, who represented Alexandria Real Estate Equities Inc. Novartis intends to develop a regional flagship manufacturing hub on the site.