Xilis, founded in 2019 at Duke University, was pursuing seed-round funding when they first engaged Davis Moore (“DM”) to find short-term laboratory space. With their long-term goals in mind (including raising Series A financing and accelerated growth) Xilis required space that could accommodate them for the next 18 to 24 months, but also a sophisticated real estate plan that could accompany the business into its next phase.
In summer 2020, Xilis, in partnership with Davis Moore, was able to secure a short-term lease with a tenant improvement allowance in a lab that was ready to accommodate their operations. Considering Xilis’ growth and long-term plans, DM facilitated negotiations with a national life sciences landlord that could accommodate the expected growth of Xilis within their building in Durham, NC.
In July 2021, Xilis raised $70 million in Series A Funding. Less than a year after taking their first lab, Xilis grew into the neighboring suite at their building. Simultaneously, Davis Moore worked with their same landlord to secure a new, 68,000 facility at the former GSK/Parmer campus.
Davis Moore’s life sciences practice group brings more than 50 years of combined experience and knowledge of the market to any transaction. We were able to advise Xilis on the best approach for maximum flexibility and lease concessions in a tight laboratory market.
Our understanding of Xilis’ technical and scientific requirements (advanced GMP manufacturing and CLIA certified labs) enabled us to quickly pinpoint the two-three viable opportunities and pursue a competitive environment. Davis Moore also facilitated a substantial tenant improvement allowance and considerable rent abatement for Xilis, despite rising construction and rental rates.