RTP’s Park Point Life Sciences and Creative Office Campus announces first tenant: GRAIL, Inc.
June 10, 2020
Multi-cancer early detection company, GRAIL, Inc., recently announced it will invest over $100 million and over time create 398 new jobs at their planned state-of-the-art laboratory facility at Park Point, a life sciences and creative office campus in Research Triangle Park.
GRAIL is a pioneering healthcare company that has developed a test that detects more than 50 cancers with only one blood draw. They have leased Park Point’s Assembly building, totaling 200,000-sq. ft.
Park Point, the former Nortel campus, was acquired by a joint venture that includes Trinity Capital Advisors (“Trinity Capital”) in 2019. Ownership immediately began working closely with the project’s architect, Gensler, on a $160 million adaptive-reuse campus redevelopment, transforming the existing building and 100-acre campus into a 655,700-sq. ft modern workplace destination and collaborative campus for both life science and creative office users. Development is currently underway, and GRAIL expects to take occupancy in the first quarter of 2021.
“It’s a tremendous honor to have such an innovative life sciences company choose Park Point,” said Jeff Sheehan, partner at Trinity Capital. “It reinforces what we’ve believed all along, that this region, Research Triangle Park, and Park Point are perfectly suited to provide the right environment for innovation and engagement.”
GRAIL, based in Menlo Park, California, chose North Carolina for its large pool of skilled talent and innovative spirit, critical to GRAIL’s mission to detect cancer early and save lives. “This expansion is an important step forward in making our pioneering, multi-cancer early detection blood test widely available to patients and healthcare providers across the country,” said Uplaksh Kumar, Senior Vice President of Strategic Operations and Scale at GRAIL.
Once completed, Park Point will be one of the region’s most amenitized, accessible, and efficient workspaces for life science and creative office users. The campus will feature athletic fields, walking trails, on-site coffee and food service, state-of-the-art fitness center, conference and training center, and over 30,000-sq. ft of indoor and outdoor gathering areas.
As a part of Research Triangle Park, Raleigh’s premier research and development campus, Park Point is located between nationally recognized universities, Duke University, University of North Carolina — Chapel Hill, and North Carolina State University, providing access to highly educated graduates. Research Triangle Park offers the largest concentration of amenities in the submarket, with easy access to I-40, I-540, and Highway 54.
Doug Cook, Senior Director at Cushman & Wakefield, leads life science leasing efforts for Park Point and represented Trinity Capital in the transaction. Newmark Knight Frank represented GRAIL in the transaction. William Allen, Partner, Office Leasing at Trinity Partners, leads creative office leasing efforts on behalf of ownership.
Visit ParkPointRTP.com for more information and a gallery or renderings.
GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by developing pioneering technology to detect and identify multiple deadly cancer types early. The company is using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art computer science and data science to enhance the scientific understanding of cancer biology, and to develop its multi-cancer early detection blood test. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom. It is supported by leading global investors and pharmaceutical, technology, and healthcare companies. For more information, please visit www.grail.com.