North Hills lands a clinical research HQ

• It comes at a time when Raleigh's office market has struggled with a move toward remote work.

Driving the news: Parexel is one of the largest clinical research organizations in the country and moved part of its headquarters to Durham from Massachusetts in 2019 after getting incentives from the state.

Zoom in: Parexel has nearly 300 employees in the Triangle, according to the Triangle Business Journal. The Triangle is a hotbed for clinical research organizations, including firms like IQVIA, RTI International, Syneos Health and BioAgilytix.

• Parexel was acquired by a private equity firm and Goldman Sachs for $8.5 billion in 2021.

The big picture: Kane Realty has invested heavily in wooing more pharmaceutical and biotech companies to North Hills, investing $1 billion into building the 17-story Tower 5, 1,500 apartments and retail spaces.

• Retail tenants already signed include Standard Beer + Food, Dose Yoga + Smoothie Bar, and Good Graces.