News release

MetLife Investment Management provides $52.76M loan for Research Triangle lab conversion

November 19, 2020

Life science capital markets well positioned for continued growth in 2020 notes JLL Capital Markets 

BOSTON, November 19, 2020 – JLL Capital Markets announced today that it has arranged $52.76 million in financing for Perimeter’s Edge, a flex/office, lab-convertible portfolio totaling 341,547 square feet across four buildings in Morrisville, North Carolina.

JLL worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the five-year, floating-rate acquisition loan through MetLife Investment Management. Loan proceeds were used to acquire the property and fund the forthcoming lab conversion. Brigitte Burkett originated the loan for MetLife Investment Management

According to JLL Research, life sciences real estate capital markets are well positioned for relative outperformance in 2020.

Perimeter’s Edge consists of 2450 and 2600 Perimeter, 507 Airport Boulevard and 515 McCrimmon Parkway, which are all located within Perimeter Park, one of the Research Triangle’s largest office parks comprising more than three million square feet. This location is just minutes from Raleigh-Durham International Airport, North Carolina State University, Duke University and University of North Carolina at Chapel Hill. Additionally, the property has superior access to Interstates 40 and 540 providing connectivity throughout the Raleigh-Durham area, which is one of the nation’s top life science markets.

JLL’s Capital Markets team representing the borrower was led by Managing Directors Greg LaBine and Roger Edwards and Senior Director Martha Nay.

“This transaction is the perfect reminder that relationships matter,” LaBine added. “At the height of the pandemic when capital was scarce, the team at MetLife Investment Management was ready to support Longfellow, even during tumultuous times. We are pleased that MetLife Investment Management and Longfellow have renewed that relationship, and it has already fostered additional business between the two firms.” 

“Longfellow continues to see attractive opportunities in the life science sector and having capital sources that understand our business plan and conversion strategy is crucial,” said Joe Van Saun, Partner at Longfellow Real Estate Partners. “The JLL team has worked diligently with us over the years to foster our relationship and this latest transaction with MetLife is a testament to those efforts.”

“Record highs in both VC and IPO funding, which pay the rent for many life science companies, should translate to robust NOI potential in the near to medium term,” added Audrey Symes, Research Director, JLL Healthcare and Life Sciences, “Major market going-in caps remain in a tight band, with unlevered IRRs pointing to upside scenarios.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Longfellow Real Estate Partners

Longfellow Real Estate Partners serves the unique demands of science and technology companies and focuses on the most innovative cluster locations in the US. The firm acquires and develops facilities in strategic locations and builds long-term relationships with research centric organizations including life science companies, universities, medical centers and research institutes. The principals of Longfellow have acquired or developed more than 8 million square feet of laboratory and technology space over their careers including numerous high-profile projects on the East Coast. The Company’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each tenant’s unique requirements. For more information about Longfellow, please email