Longfellow Pays Big Money for Research Triangle-Area Office Park

Longfellow Real Estate Partners acquired a 806,000-square-foot technology office property for $117.7 million.

Longfellow Real Estate Partners’ portfolio of science and technology space is now among North Carolina’s largest after the company acquired Keystone Technology Park, a property located at 523 Davis Drive in Morrisville. The property was purchased for $117.7 million, according to the WRAL TechWire.

Keystone Technology Park

Keystone Technology Park

Keystone Technology Park includes 11 single-story, Class A buildings accommodating office, flex, and lab uses totaling 806,000 square feet. With this acquisition, Longfellow’s North Carolina portfolio amounts to more than 1,200,000 square feet.

“Keystone Technology Park profoundly enhances Longfellow’s growing family of destinations for people and companies striving to do great things — which is what the Research Triangle is all about. While the scale of our North Carolina holdings is important, superior accessibility and quality are what really set us apart. Our experience tells us that tech and life science companies will find significant value in our buildings and in our ability to address their unique requirements and help them succeed,” said Jessica Brock, managing director at Longfellow Real Estate Partners, in prepared remarks.

Located on almost 80 rolling acres along the eastern edge of the world-renowned Research Triangle Park, the property was home to 25 tenants and was 84 percent leased at the time of the sale. Syngenta, Sensus and Experimental Pathology Laboratories, Inc. are the property’s largest tenants.

Image courtesy of Keystone Technology Park