California Pharma Play in Texas?… Sold: Research Campus in The Woodlands

THE WOODLANDS – (Realty News Report) – Lexicon Pharmaceuticals has sold its office and research campus in The Woodlands to another life sciences firm.

The 12.4-acre campus includes five buildings totaling 260,950 SF at 8800 Technology Forest Drive, located in The Woodlands, north of Houston.

Nurix Therapeutics, a San Francisco-based biopharmaceutical firm, had contracted to buy the property in November, although the details of the final disposition were not disclosed and could not be confirmed Tuesday night.

NAI Partners’ Dan Boyles and Jon Silberman represented the seller, Lexicon Pharmaceuticals. Lexicon will be relocating its corporate headquarters to a new location in The Woodlands.

“We’ve been seeing life sciences real estate activity ramping up in and around the Greater Houston area in a big way,” said Boyles. “When we initially listed the property, we thought it might have more broad appeal as a redevelopment opportunity, but there was plenty of interest from potential laboratory, office and biological manufacturing users, further underscoring Houston’s growing appeal as a life sciences hub.”

“This is the single-largest commercial real estate sales transaction in the Life Sciences sector in the Greater Houston area in 2020,” said NAI Partners.

The main building on the former Lexicon Pharmaceuticals campus is a 128,400-SF Class A office property with laboratory space. Additional properties on the site include a 1-story flex property with lab and office space, as well as two special-use facilities. The campus is located off of Research Forest Drive.

Nurix Therapeutics is a biopharmaceutical company focused on the discovery, development, and commercialization of small molecule therapies designed to modulate cellular protein levels as a novel treatment approach for cancer and immune disorders.

The deed restrictions on The Woodlands’ Lexicon  property have recently been amended to allow light manufacturing, including the manufacturing of pharmaceuticals, the manufacturing of cells for use in cellular therapy, including tumor infiltrating lymphocyte therapy, and natural killer cell therapy.

A location in Houston provides cancer treatment firms, such as Nurix Therapeutics, with ease of access to Houston’s MD Anderson Cancer Center, which is the largest cancer center in the nation and it is often ranked as the nation’s best cancer hospital in the annual US News & World Report best hospital survey.

Lexicon Pharmaceuticals is a biopharmaceutical company that is applying a unique approach to gene science based on Nobel Prize-winning technology to discover and develop precise medicines for people with serious, chronic conditions.

A few years ago, a Houston architecture firm, Kirksey Architects, laid out a site plan for the Lexicon campus designating a layout that would have led to new low-rise buildings being constructed. Deed restrictions limit the size and height of new buildings to 55 feet tall.

The Woodlands, located about 27 miles north of downtown Houston, is a 28,000-acre community that  opened in 1974. The Woodlands community was founded by the late George Phydias Mitchell, a Galveston native and pioneering oilman who is known as the father of fracking.

Dec. 30, 2020 Realty News Report Copyright 2020

File: California Pharma Play in Texas

File: (2) The Woodlands, George Mitchell. California pharma Play in Texas. Nurix.

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