Suburban office/life sciences assets get boost from Middle Eastern investments

JLL Capital Markets has closed the $225 million recapitalization of Arborcrest Corporate Campus to Saudi Arabia–based Sidra Capital and Spear Street Capital.

Sidra acquired a 90 percent stake in the campus, while Spear Street Capital has retained a 10 percent ownership stake in the asset.

The sale of the five-building, 855,600-square-foot suburban office campus with a significant life sciences and biotech tenancy in the suburban Philadelphia community of Blue Bell, Pa., demonstrates a growing trend of Middle Eastern investors taking a harder look at life sciences assets.

Completed in two phases in 2015 and 2019, Arborcrest’s healthcare, life sciences and biotech tenancy, which was crucial to Sidra’s interest, includes Signant Health, a leader in clinical trials; Pharmaceutical Research Association, a clinical research organization; and Abington Memorial, an outpatient healthcare facility; along with several tenants that support healthcare administration