Ancora L&G buys first US tech site
A newly formed joint venture between L&G and Ancora has acquired its first site, in a move to create a real estate platform driving science and technology growth across the US.
The 128,000 sq ft lab building, known as 387 Technology Circle NW, is located in the Science Square innovation district, adjacent to Georgia Institute of Technology’s Atlanta campus. The facility is currently fully let and occupied by four tenants: Georgia Tech; CardioMEMS; Kemira Chemicals; and VERO Biotech.
Wes Erlam, managing director of urban regeneration at L&G Capital, said: “The development in Georgia is an exemplar of the types of projects we will look to invest in, located in areas of growth potential with anchor institutions as stakeholders in each project. They build momentum for future growth of the Ancora L&G partnership, while laying the groundwork for L&G Capital’s wider US expansion.”
A newly formed joint venture between L&G and Ancora has acquired its first site, in a move to create a real estate platform driving science and technology growth across the US.
The 128,000 sq ft lab building, known as 387 Technology Circle NW, is located in the Science Square innovation district, adjacent to Georgia Institute of Technology’s Atlanta campus. The facility is currently fully let and occupied by four tenants: Georgia Tech; CardioMEMS; Kemira Chemicals; and VERO Biotech.
Wes Erlam, managing director of urban regeneration at L&G Capital, said: “The development in Georgia is an exemplar of the types of projects we will look to invest in, located in areas of growth potential with anchor institutions as stakeholders in each project. They build momentum for future growth of the Ancora L&G partnership, while laying the groundwork for L&G Capital’s wider US expansion.”
Also in US, Ancora L&G has been selected as the developer of an 80,000 sq ft public health lab in Providence, funded by the US Centers for Disease Control. The project has already secured a first prelet, with Brown University signing a letter of intent to take 20,000 sq ft of lab space.
Going forward, Ancora L&G is set to look out for third party co-investment partners to grow the business further.
Josh Parker, chief executive at Ancora L&G, said: “With the appetite for more investment and building of new sites, we look forward to a positive momentum as we move forward with our growth plans.”
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