Crescent Communities Announces Life Science Brand, THE YIELD, Celebrates Key Milestones at North Carolina Project
News provided byCrescent Communities
Jan 24, 2023, 11:23 AM ET
THE YIELD leverages expertise and resources to shape innovation in the growing industry
CHARLOTTE, N.C., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, today announces the launch of its life science brand, THE YIELD. Dedicated to building highly amenitized, purposefully designed campuses for the life science industry, THE YIELD provides bio-manufacturing and lab space in markets offering strong access to life science talent, great quality of life, and a welcoming business environment.
“We see THE YIELD as an opportunity to inject Crescent Communities’ commercial experience into an industry with substantial demand and opportunity,” said Brendan Pierce, President of Commercial at Crescent Communities. “We are confident that businesses seeking certainty, speed to market, and bio-manufacturing product in markets with both infrastructure and life science talent will find THE YIELD well positioned to suit their companies’ needs.”
With THE YIELD, Crescent Communities will leverage its significant experience in master planning, seamless campus integration, and sustainability-forward building practices to deliver the flexible, innovative bio-manufacturing and lab space its clients seek. THE YIELD will allow Crescent Communities to extend its best-in-class reputation and industry experience to provide high-quality product in markets with significant demand for bio-manufacturing facilities and a shortage of space that can change and grow alongside rapidly evolving technology and business needs.
Coinciding with this news, Crescent Communities marks one year of work in Holly Springs, NC. Spanning 230 acres, THE YIELD is currently developing three distinct life science campuses located near industry giants including Seqirus, Amgen, and FUJIFILM Diosynth. The three projects – which total 2M SF of bio-manufacturing and lab space and planned investment of more than $1B – include 210k SF of already complete cGMP bio-manufacturing and an additional 316k SF under construction. Plans to expand THE YIELD to similar highly desirable life science markets are already underway.
“These milestones are a reflection of our ongoing commitment to the life science platform and will continue to look for opportunities where there is a highly qualified talent pool, convenient location, proximity to several top-ranked research universities, and reasonable cost of living,” said Chase Kerley, Managing Director at Crescent Communities. “We look forward to expanding THE YIELD into new markets with similar qualities in 2023 and beyond.”
THE YIELD Holly Springs is a multi-phase life science investment totaling 150 acres and up to two million square feet of bio-manufacturing, office/lab, and retail space in Holly Springs, NC at the core of the Triangle’s life science cluster. Crescent Communities’ first life science campus THE YIELD Holly Springs Phase 1, comprised of 210,000 SF of bio-manufacturing space on 27 acres, was sold last month to a partnership with Apollo Global Real Estate Management and GeneSuites.
Crescent Communities’ second life science campus THE YIELD Holly Springs Phase 2 is a partnership between Crescent Communities and Nuveen. This campus encompasses the development of 123 acres and is designed for over 1MM SF of bio-manufacturing, lab/office, and campus amenities adjacent to existing anchors Seqirus and FUJIFILMS Diosynth Biotechnologies. The next two bio-manufacturing buildings within the project began construction end of year 2022 and will be ready for tenant upfit in the fall with building delivery by end of year 2023.
December 2022 also marked the land close of Crescent Communities’ third life sciences campus, THE YIELD North. This campus is an 83-acre assemblage of land along the US-1 corridor that can accommodate up to 850,000 SF of bio-manufacturing space across a range of building sizes from 75,000 – 300,000 SF.
More broadly, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,300 units of multifamily/single family build-to-rent, 58,000 square feet of complementary retail, and 7.5 million square feet of office, industrial and life science. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.
About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 83 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix, and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities and our life science developments are branded THE YIELD by Crescent Communities.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/88c0d6cf-f456-4a73-9c85-f248b6ae495b