This purchase marks a first for the newly formed partnership.
Newly formed Ancora L&G has closed its first acquisition with the purchase of 387 Technology Circle NW in Atlanta. The partnership of London’s Legal & General Capital and Durham, N.C.-based Ancora bought the approximately 128,000-square-foot life science property from TPG Real Estate Partners in an $84 million transaction. Eastdil Secured led the asset selection process.
Located in Midtown Atlanta, 387 Technology sits in a coveted area across the Georgia Institute of Technology within the Science Square Innovation District. The five-story office and laboratory building previously changed hands in 2020, when TPG purchased the asset from the University Financing Foundation for $60 million.
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Previously known as Technology Enterprise Park I, 387 Technology welcomed its first tenants in 2007. The Class A building was fully leased at the time of the current sale, with four occupants calling the property home. Georgia Tech, Kemira Chemicals and VERO Biotech are on the tenant roster, as is CardioMEMS, which signed on for 41,300 square feet in the fourth quarter of 2021.
Off to a pioneering start
Ancora and its partner across the pond founded Ancora L&G in May 2022 with an initial seed capital investment of $500 million. When leveraged, the funds, contributed by Legal & General Capital, allow the partnership to pursue its plan of investing $4 billion in life science and technology real estate acquisitions and developments in the U.S. over the next five years. By making its first purchase in Atlanta, Ancora L&G has established a footprint in one of the country’s burgeoning life science hubs.
“New life sciences clusters are emerging in technology-focused cities with research capabilities and talent. U.S. Sun Belt markets such as Dallas, Atlanta and Phoenix are a few of the examples for second-tier emerging markets,” according to a research report by Allianz Real Estate. The Atlanta market dovetails with Ancora L&G’s goal of investing in projects featuring leading anchor institutions as key stakeholders in areas offering notable growth potential.
