LabCorp has signed a 15-year lease for two buildings (approximately 222,000 square feet) at the Parmer Research Triangle Park (RTP) campus in Durham County, NC, which was previously owned by GlaxoSmithKline (GSK).
Parmer Innovation Partners purchased the buildings in May 2017 and is investing $80m in renovations that are expected to begin later this year. GSK remains an anchor tenant of the campus.
According to a release from the North Carolina Department of Commerce, LabCorp’s expansion will create 422 new jobs, including positions in information technology design, software development, operations, and management.
In addition to the new positions, the facility will house current information technology staff and personnel from LabCorp’s drug development business who are currently located in several locations in Durham and Wake counties.
LabCorp, headquartered in Burlington, NC, currently employs more than 60,000 employees worldwide, including more than 8,900 in NC.
The state’s Economic Investment Committee today approved a Job Development Investment Grant (JDIG), which authorizes LabCorp to potentially be reimbursed up to $8,172,750 over the next 12 years.
The project is expected to grow the state’s economy by an estimated $880m.
LabCorp is not providing any additional comment at this time.