The new owners of the recently acquired GlaxoSmithKline office and research campus in Research Triangle Park have already landed their first big office tenant deal – even if it is short term.
Executives with Credit Suisse (NYSE: CS) have signed a lease contract for close to 180,000 square feet of space in two office buildings on the former GSK campus – now called Parmer RTP – at 5 Moore Drive, company sources have confirmed.
Credit Suisse in May announced it would be expanding its technology center in Research Triangle Park with plans invest $70.5 million in the construction of a new 200,000-square-foot office building. The building would be built to accommodate 1,200 new technology, finance and risk management job positions.
But new office buildings take time to design, plan and build, and Credit Suisse’ real estate team is still in the early stages of planning. Company officials have said they plan to have the building, which will be built next to the company’s existing office building on Louis Stephens Drive, completed and ready for occupancy in 2019.
“In line with our announcement in May, Credit Suisse has leased temporary space at 5 Moore Drive in Durham County on a short term basis, while it continues to plan its development of a permanent real estate solution consisting of a new building,” Credit Suisse spokesman Thomas Baer stated in an email to Triangle Business Journal. Baer did not detail lease terms of the contract.
Credit Suisse’s Raleigh site lead, Jim Captain, says they expect the office space at Parmer RTP to be ready for employees to start moving in September, but recruitment for the new technology positions has already started.
Credit Suisse, as of June 30th, had 140 job listings posted for its RTP operations. It currently employs about 1,700 people in RTP.
GlaxoSmithKline also still employs about 2,400 people at the Parmer RTP campus. Following the sale of its buildings, the company leased back 700,000 square feet of space in four of the 22 buildings on the 1.8 million-square-foot campus.
Parmer RTP is now owned by an affiliate of California-based real estate investment firm Karlin Asset Management. CBRE-Raleigh is representing Karlin in its lease negotiations at Parmer RTP.