PPD Leases 224,979SF for Drug Trial Facility
Jun 17, 2014
Pharmaceutical Product Development has leased 224,979 square feet at MetCenter 10. The multi-year lease will fill nearly 65% of the 345,600-square-foot building that is part of the 550-acre mixed-use MetCenter Business Park.
National Asset Services represented the 29 Co-Owner Tenants in Common in the transaction.
"This successful transaction reinforces National Asset Services' reputation as having expertise in tenant retention, while reaffirming our ability to successfully negotiate a lease that brings a tremendous amount of additional present and future value to the property and ultimately to our clients," says Shirlee Kingsley, vice president of National Asset Services. "This lease renewal ensures stable long term cash flow that allowed the ownership to extinguish 100% of the existing debt by securing a new loan with more competitive terms while avoiding a maturity default of the existing loan."
The Wilmington, NC-based Pharmaceutical Product Development will use the facility as a 300-bed drug trial facility.
MetCenter 10 was built in 2000. The business park contains a variety of buildings as well as five national hotels and hiking trails.