Durham-based life sciences co-working hub BioLabs North Carolina is readying to officially open the doors of its new location on the heels of an existing tenant’s $30 million buyout.
Element was one of our first tenants, says Eric Linsley, founder of BioLabs North Carolina. “We need ten more of them,” he says of companies like Element, noting the deal was significant in terms of “validating the model.”
BioLabs North Carolina officially formed in 2015. It first operated out of Duke University’s Carmichael Building and moved into a 42,000-square-foot space in the Chesterfield Building in downtown Durham in November. Its premise is to provide a time- and capital-efficient home for early-stage life sciences companies with room for about 40 tenants.
Linsley – a former managing partner at Pappas Capital – says BioLabs North Carolina is currently at about 50 percent occupancy and hopes to be at 80 percent by the end of the year.
The monthly list price for space is $2,300 per month plus about $300 per full-time employee. If companies also need a private office, those run $1,000 per month.
BioLabs sponsors include the likes of GlaxoSmithKline (NYSE: GSK) and Eli Lilly and Company (NYSE: LLY), says Ed Field, president of BioLabs North Carolina.
Moving forward, BioLabs North Carolina will look to secure more of these types of sponsorships, with the attraction for pharmaceutical companies being access to promising, early-stage companies for investment or partnering opportunities, he says.
Outside of North Carolina, BioLabs has sites in Cambridge, Massachusetts; San Francisco; San Diego; and New York.