$237.7M loan secured for advanced manufacturing campus in nation’s No. 2 biomanufacturing market

• JLL Capital Markets arranged $237.7 million in financing for Phase I of Pathway Triangle, a state-of-the-art cGMP and advanced manufacturing campus developed by King Street Properties in Morrisville, North Carolina

• Starwood Property Trust provided a loan for the 581,789-square-foot campus anchored by Novartis

• At completion of the planned Phase II, the campus will contain over 950K-square-feet of class A advanced manufacturing space. The campus is strategically positioned in the Research Triangle region, ranked as the #2 biomanufacturing market in the United States, benefiting from proximity to Raleigh-Durham International Airport, three Tier-1 research universities, and aggressive state grant programs

BOSTON, Oct. 12, 2026 –  JLL Capital Markets announced today it has arranged $237.7 million in financing for Phase I of Pathway Triangle, which includes four buildings and 581,789-square-feet on the advanced manufacturing and cGMP campus located on McCrimmon Parkway in Morrisville, North Carolina.

JLL worked on behalf of the borrower, King Street Properties, to secure a loan through Starwood Property Trust.

Phase I of Pathway Triangle includes four buildings featuring state-of-the-art specifications flexibly designed for cGMP and advanced manufacturing uses. Two buildings totaling 377,111 square feet have been completed and are 73% leased. Building 1 (175,222 SF) is partially leased to Liquidia Pharmaceuticals for the manufacturing of YUTREPIA, an FDA-approved inhalation powder treating pulmonary arterial hypertension. Building 2 (201,889 SF) is 100% leased to Novartis. Construction began in Q3 2026 on the other two Phase I buildings. Building 4 will feature 148,434 square feet and is currently available for lease while Building 7 will feature 56,244 square feet and is fully pre-leased to Novartis. A subsequent Phase II is planned for the campus. At completion of Phase II, the campus will contain over 950K square feet of class A advanced manufacturing space

Pathway is King Street Properties' customizable, streamlined life science and advanced manufacturing real estate platform designed to give companies the space they need to research, develop and manufacture without compromise. By providing facilities with ready-to-work infrastructure for seamless implementation, King Street removes the real estate obstacles that biotech and advanced manufacturing companies face when considering their manufacturing options and empowers them to maintain custody over their production and keep their delivery timelines on track. In addition to Pathway Triangle, King Street Properties' Pathway platform includes Pathway Devens, a 700,000-square-foot master-planned advanced manufacturing campus in Devens, Massachusetts, and Pathway RTP, a 95-acre pad-ready site in Research Triangle Park, North Carolina.

Pathway Triangle is located less than two miles from Raleigh-Durham International Airport and benefits from immediate access to Interstate 40, Interstate 540 and North Carolina Highway 54. The campus is positioned within the Research Triangle region, home to three Tier 1 research universities — Duke University, University of North Carolina at Chapel Hill and North Carolina State University — that collectively produce more than 40,000 graduates annually. The region has emerged as a national leader in pharmaceutical manufacturing, driven by recent multibillion-dollar investment announcements from Novartis, Novo Nordisk, Biogen, Genentech and others.

The Research Triangle biomanufacturing market currently features 94% occupancy with zero square feet under construction excluding the KSP portfolio, creating significant demand for purpose-built facilities. The region benefits from North Carolina's highly competitive 2.0% corporate tax rate (scheduled to decrease to 0% by 2030) and aggressive state grant programs that have disbursed over $575 million since 2007, generating $20.7 billion in private investment.

The JLL Capital Markets team was led by Senior Managing Director Brett Paulsrud, Managing Directors Amy Lousararian and Andrew Gray, Director Ward Smith, Vice President Hugh Doherty and Analyst Libby Horton.

"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," said Paulsrud. "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."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com. 

King Street is a private real estate investment management firm focused on servicing the complex needs of science-based companies and institutions. Headquartered in Boston, King Street’s assets are located in core research hubs including Greater Boston, New York, the Research Triangle in North Carolina, San Diego, and the San Francisco Bay Area. With 7 million square feet of assets under ownership and management, King Street is highly experienced in the development and operation of best-in-class life science research and development space and advanced manufacturing & pharmaceutical buildings, serving as a trusted partner for companies that develop lifesaving drugs and therapies, medical devices, and companies harnessing renewable materials. For more information, visit www.kingstreetproperties.com.