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Longfellow Closes on $500 Million Life Science Real Estate Investment Fund

Firm Developing Pair of Office Buildings in Durham, NC
July 10, 2018
Jamie Peschel, Managing Partner of Longfellow Real Estate Partners. Photo credit: Longfellow Real Estate Partners

Longfellow Real Estate Partners has closed Longfellow Strategic Value Fund, an investment vehicle with an initial equity capitalization of $500 million.

Longfellow plans to use the fund to acquire or develop and operate so-called 'life science' buildings and technology real estate across the country.

Longfellow has invested capital on behalf of institutional investors through multiple investment vehicles since it was formed in 2009.

"Our confidence in life sciences real estate continues, given its compelling fundamentals and demonstrated growth," Jamie Peschel, managing partner of Longfellow, said in announcing the closing.

Longfellow Strategic Value Fund will look to acquire a diversified portfolio by purchasing existing, stabilized properties, converting properties for use by life science and technology tenants, as well as pursuing ground-up development of new properties.

Based in Boston with additional offices in Durham and Morrisville, North Carolina, Longfellow has a portfolio totaling over 2.5 million square feet.

The investment firm is nearing completion on two new buildings in the Durham Innovation District in North Carolina. Known as 200 and 300 Morris, each building is seven stories high and total a combined 350,000 square feet of office space.

Longfellow's offcie portfolio includes 828,000 square feet of Class-A office and lab space in greater Boston and 1.82 million in Durham and Research Triangle Park.

Last summer, Longfellow was the operating partner in a venture that acquired three office and tech buildings in Boston for $210 million: 100, 125 and 150 CambridgePark Drive.

Hodes Weill Securities, a global real estate advisory firm, acted as the exclusive financial advisor and placement agent to Longfellow in its new fund.

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