The area has been seeing an increase in biotech deals, as of late.

Most of the assets are located in key Sunbelt regions.

Manhattan and Washington, D.C., lead the country in planned and underway office conversions.

Demand is expected to outpace supply in the market.

Still, strong elements remain.

The repurposing of the asset will include upgrades to amenities and leasing flexibility.

Phillips Edison and Rosen-Harbottle had the two largest purchases.

The property sold for $105.5 million.