JLL Capital Markets announced on October 12, 2026 that it has arranged $237.7 million in financing for Phase I of Pathway Triangle, a cGMP and advanced manufacturing campus in Morrisville, North Carolina, developed by King Street Properties. The loan was provided by Starwood Property Trust (NYSE: STWD) for the 581,789-square-foot, four-building first phase, which is anchored by Novartis (NYSE: NVS).
“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 Brett Paulsrud, Senior Managing Director at JLL Capital Markets. “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.”
Who’s Moving In
Two of Phase I’s buildings, totaling 377,111 square feet, are complete and 73% leased:
- Building 1 (175,222 sq. ft.): partially leased to Morrisville-based Liquidia (Nasdaq: LQDA) for manufacturing YUTREPIA, an FDA-approved inhalation powder for pulmonary arterial hypertension.
- Building 2 (201,889 sq. ft.): 100% leased to Novartis.
Construction on the remaining two Phase I buildings began in Q3 2026. Building 4 (148,434 sq. ft.) is available for lease, and Building 7 (56,244 sq. ft.) is fully pre-leased to Novartis. A planned Phase II would bring the campus to more than 950,000 square feet of Class A advanced manufacturing space.
Ready-to-Work Space for Manufacturers
Pathway is King Street Properties’ life science and advanced manufacturing real estate platform, designed to give companies ready-to-work infrastructure so they can research, develop, and manufacture while keeping control over production and delivery timelines. Alongside Pathway Triangle, the platform includes Pathway Devens, a 700,000-square-foot campus in Devens, Massachusetts, and Pathway RTP, a 95-acre pad-ready site in Research Triangle Park.
Why the Research Triangle
The campus sits less than two miles from Raleigh-Durham International Airport, with access to I-40, I-540, and NC Highway 54. The release describes the Research Triangle as the No. 2 biomanufacturing market in the U.S., anchored by Duke University, UNC-Chapel Hill, and NC State University, which together produce more than 40,000 graduates annually. Recent multibillion-dollar investments from Novartis, Novo Nordisk, Biogen, Genentech, and others have fueled the region’s growth.
According to JLL, the Research Triangle biomanufacturing market is 94% occupied, with no new space under construction outside King Street’s portfolio, creating strong demand for purpose-built facilities. North Carolina’s 2.0% corporate tax rate, scheduled to fall to 0% by 2030, and state grant programs that have disbursed more than $575 million since 2007, generating $20.7 billion in private investment, add to the region’s appeal.
