Duke Realty to break ground on another building at Perimeter Park

11/11/2013 1:54 PM

11/11/2013 1:55 PM

Duke Realty announced Monday that it plans to begin construction on another new office building at Perimeter Park in Morrisville.

Teleflex, a medical device maker that last week announced plans to create 75 local jobs in the next three years, will occupy 130,000 of the new building’s 245,352 square feet of space.

The building, called Perimeter Three, is expected to be complete by September 2014.

The announcement comes just six months after Duke broke ground on Perimeter Two, a 206,000-square-foot building that is expected to open by June 2014. That building is now 94 percent pre-leased to tenants that include SciQuest, MaxPoint Interactive, Fujifilm Medical Systems and Compliance Implementation Services.

Teleflex, a publicly traded company based in Limerick, Pa., produces medical devices used by hospitals and health care providers around the world. The company already employs 442 workers at locations in Durham and Research Triangle Park, and company officials said last week they plan to invest more than $20 million in its new Morrisville facility.

Teleflex is eligible to receive up to $200,000 in state incentives if it meets its job and investment targets, and also is in line for matching incentives at the local level.

The activity at Perimeter Park is yet another sign of the Triangle office market’s improving health. After several years of almost no new construction, there is now a dearth of newer, vacant spaces larger than 50,000 square feet in the region.

That is helping developers secure pre-leasing for projects and giving them the confidence to move ahead now. Highwoods Properties and Dominion Realty Partners are also scheduled to break ground on new office buildings in Raleigh this fall.

Perimeter Park is home to a little more than 2 million square feet of office space, about 97 percent of which is leased. The park's largest tenants are PC-maker Lenovo, the contract research organization PPD, and Tekelec, a telecom company that was acquired by Oracle earlier this year.

Duke has room to build about 1.8 million square feet of additional office space at Perimeter Park, a 180-acre campus at the intersection of Interstates 40 and 540.

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