Morrisville biotech hub, ‘built on spec,’ signs first tenant amid glut of space
AI-generated summary reviewed by our newsroom.
- Pathway Triangle signed Liquidia as first tenant in 70,000-square-foot lease.
- Vacancy in life sciences manufacturing hit 66.6% in Raleigh-Durham market.
- Developers expect absorption of 1M+ square feet of new space to take time.
Roughly six months after hitting the market, billion-dollar life science hub, Pathway Triangle, has signed its first tenant in Morrisville.
Just days after signaling that it had “strong interest,” Massachusetts-based developer King Street Properties, confirmed Friday that it has leased about 70,000 square feet of purpose-built, “turn-key” biomanufactuing space inside Building One at 1000 Science Drive to Liquidia Corp.
It’s a positive sign amid a glut of space and high vacancies in the region’s life sciences-related manufacturing space. But it’s still only a fraction of the some 370,000 square feet ready for upfit at the site.
“Their decision to grow on our campus reinforces the strength of the Research Triangle as a hub for life science innovation,” Sara McTyeire, King Street’s managing director, said in a release. “We’re proud to offer the kind of flexible, high-quality space for biomanufacturing.”
Liquidia’s decision comes after the U.S. Food and Drug Administration (FDA) last month approved its YUTREPIA (treprostinil) inhalation powder for patients with pulmonary hypertension.
The Morrisville company, which already has an office in Research Triangle Park, expects to expand its footprint in early 2026.
“This strategic partnership positions us to meet the growing demand,” said Michael Hunter, senior vice president of Manufacturing Operations at Liquidia.
Glut of biomanfacturing space
In late 2024, King Street delivered the first phase of Pathway Triangle, a 1 million-square-foot biomedical facility, “built on spec” without tenant commitments.
That included the core and shell of the initial two buildings on its 75-acre campus at 4880 McCrimmon Parkway, about a 5-minute drive northeast to Raleigh-Durham International Airport.
Around the same time, the 109-acre biotech campus Spark Life Science, or Spark LS, also opened directly across the street on McCrimmon Parkway.
It’s unclear if any tenants are in the pipeline. Its owner, North Carolina developer Trinity Capital, was unavailable for comment. However, their landing page says they’re open for business.
Today, that influx of vacant space — more than 1 million square feet — has flooded the market, driving up vacancy rates.
In Raleigh-Durham, investor-owned life sciences-related manufacturing space has jumped to 66.6% with the deliveries, according to CBRE’s 2025 first-quarter Life Science report.
In other words, out of some 2.3 million square feet of existing inventory, roughly 1.53 million square feet is unoccupied across the Triangle.
That’s roughly the size of 26 football fields.
This wave of new products is anticipated to be well absorbed, said Kathy Gigac, managing director of Avison Young’s Raleigh-Durham office.
“But it will take some time.”
