Pair of office assets on NC State’s campus trade for $80M

JLL Capital Markets completes the sale on behalf of Keystone Corporation 

March 05, 2020

CHARLOTTE, March 5, 2020 – JLL Capital Markets announced today that it has closed the $80 million sale of two state-of-the-art office assets totaling 175,444 square feet on the Centennial Campus of North Carolina State University in Raleigh, North Carolina.

JLL represented the seller, Keystone Corporation, and procured the buyer.

The portfolio comprises The Center for Technology & Innovation at 1010 Main Campus Drive and Keystone Science Center at 1791 Varsity Drive, which are both positioned on Centennial Campus, a world-class university research park and hub for education, innovation and public-private partnerships.  The campus is approximately two miles west of downtown Raleigh and is home to more than 70 corporate, government and non-profit partners, more than 75 North Carolina State research centers, institutes, laboratories and department units and more than 600 residents. Completed in 2016, The Center for Technology & Innovation offers 104,998 square feet while the Keystone Science Center was built in 2010 and features 70,446 square feet. The assets are fully leased to a creditworthy STEM roster of tenants, including State of North Carolina, Bandwidth and Cengage. Along with Class A office space, both buildings are home to tenants with wide ranging research and development labs, including biological clean space, high voltage electrical high-bay, and industrial manufacturing for nonwoven fabrics. 

Keystone Corporation, under the leadership of CEO J. Patrick Gavaghan, was chosen to develop both facilities by NC State through an RFP process and will continue to manage the properties for the buyer. 

“We are proud of these buildings and look forward to continuing our partnership on campus with the buyer and NC State. Our investors have shown great faith in our ability to deliver value in these unique facilities, and this transaction is a reflection of all the hard work that has been put into these buildings over the years,” Gavaghan commented.

The JLL Capital Markets team representing the seller included Senior Managing Director Ryan Clutter, Managing Director Scot Humphrey, Senior Director Chris Lingerfelt and Director Zack Drozda.

“Public-private partnerships between office building owners and universities with STEM curriculums in particular, are incredibly sought-after opportunities by investors today,” Clutter said. “These investments offer a high tenant retention possibility and outsized returns as compared to traditional office buildings.”

“We believe more and more capital will flow into these opportunities going forward and NC State’s Centennial Campus is well positioned to benefit from this interesting trend,” Clutter added.

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 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.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc. 

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, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Keystone Corporation

Keystone Corporation is a Raleigh, NC based real estate development firm founded in 1979. Keystone utilizes the extensive acquisition, development, leasing, and management experience of its principals and team to invest in a vast range of commercial and residential properties across the United States and internationally. Visit for more information. Contact Michael Blount- Keystone Corporation with questions, or 919-796-6308.