BOSTON, Oct. 13, 2026 – JLL Capital Markets announced today it has arranged $237.7 million in financing for Phase I of Pathway Triangle, which includes 4 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 timeline on track. In addition to Pathway Triangle, King Street Properties’ Pathway platform includes Pathway Devens, a 700K-square-foot master planned advanced manufacturing campus in Devens, MA, and Pathway RTP, a 95-acre pad-ready site in Research Triangle Park, NC
Pathway Triangle is located less than two miles from Raleigh-Durham International Airport and benefits from immediate access to I-40, I-540 and NC 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 over 40,000 graduates annually. The region has emerged as a national leader in pharmaceutical manufacturing, driven by recent multi-billion-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.