Global biopharmaceutical services provider to relocate HQ from Durham to North Hills
Tower 5 aligns with company’s need for well-located premier office space that maximizes workplace culture, productivity and lifestyle amenities
New space affirms Parexel’s commitment to being “Easy to Work for,” with meeting spaces designed for collaboration and touch-down spaces supporting flexible working for colleagues
Kane Realty Corporation is thrilled to announce global clinical research organization (CRO) Parexel has signed a lease for 61,076 square feet of office space to relocate its global headquarters to Tower 5 at North Hills Innovation District (NHID) in Midtown Raleigh.
Parexel is one of the world’s largest CROs providing the full range of Phase I to IV clinical development services to help lifesaving treatments reach patients faster. Leveraging the breadth of its clinical, regulatory and therapeutic expertise, the company’s more than 21,000 global professionals work in partnership with biopharmaceutical leaders, emerging innovators and investigative sites to design and deliver clinical trials with patients in mind, increasing access and participation to make clinical research a care option for anyone, anywhere.
Opening in 2024, Tower 5 is a 342,000-square-foot, 17-story office tower part of NHID offering:
• Thoughtfully amenitized common areas, including work and conference spaces
• Integrated parking
• Unique outdoor connection points creating new workplace opportunities for collaboration, working and gathering
NHID is thoughtfully planned to facilitate interaction among office users, entrepreneurs, retail tenants, creatives and makers. Ideally located among the existing options and conveniences within North Hills, the new 33-acre district features Trophy Class office space, 1,500 apartments, four acres of outdoor space and 60,000 square feet of active ground-level retail highlighted by distinctive indoor/outdoor experiences.
“We’re thrilled to embark on this next chapter for Parexel at NHID’s Tower 5,” said Peyton Howell, Chief Executive Officer, Parexel. “This move aligns with our commitment to providing flexible and adaptable workspaces designed to align with how our colleagues work today. With thoughtfully designed areas and surrounding amenities, our new headquarters will prioritize our employees’ well-being while maximizing opportunities for productivity and collaboration so that our colleagues can do their best work in the development of critical new therapies for patients.”
“Tower 5 offers Parexel employees and visitors a workplace that inspires productivity and engagement, a wide variety of walkable retail and dining options, and immediate access to natural spaces and bike/pedestrian connections,” said Hooker Manning, Director of Office Leasing at Kane Realty.
“We are thrilled that Parexel has chosen to relocate their headquarters to the North Hills Innovation District. North Hills continues to attract top-tier office users in the Triangle market seeking an unparalleled tenant experience in highly amenitized, Trophy-class office properties,” said Mike Smith, CEO of Kane Realty.
Vibrant local retailers now open or coming soon to NHID include Standard Beer + Food, Dose Yoga + Smoothie Bar, Good Graces market/bar/eatery, Hometurf cycling studio, Designed for Joy, Trenlend, Hellbent, Green Rabbit Plants, The Balloonz Shop + Teal Houz, Bofemme and Ky’s Kandles.
Doug Brock and Jonathan Fanuzzi with Newmark represented Parexel in their lease transaction. Hooker Manning and Alex Mikels with Kane Realty represented the landlord in the lease deal.