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24 <br />Eastowne office park. That building has served them well for the past seven years. It is close to <br />I-40 which provides good access to customers in the Triangle and Triad areas and for the 15 <br />employees who live in Wake County or northern Orange County. <br />The final three independent companies surveyed included a startup that had moved from <br />Carrbor~ to Durham to access a more business-friendly environment and proximity to other <br />young companies seeking venture funding. The second is the largest company surveyed with <br />almost 100 employees that occupies space in RTP rented at $18/SF on a 7-year lease. The <br />location is central to employees, and the building has room for expansion. The third company is <br />located in Cary near the founder's home. The company is one of two owned by the founder with <br />each located on one of two floors. The landlord improved the current space to keep them as <br />tenants. Rent is $16/SF for 15,000 SF on a 7-year lease. <br />Another interview was planned with the attorney that worked closely with a LTNGCH faculty <br />member that had founded several companies. As it turned out, the PI spoke with one of the <br />principals instead. He described the original company its recent affiliate as "virtual biotech" <br />companies that conduct most business through collaborative agreements or outsourcing. The <br />younger company used the address of its attorney's office in Chapel Hill. The more established <br />one was in 1,500 SF of cheap flex space off 15-501 just in Chatham County. Rent including <br />utilities is only $3/SF. When meeting facilities are needed, the company rents space in an area <br />hotel or, for more important meetings, at the Hamner Institute. In the future, the company may <br />decide to manufacture product which would make owning a building an attractive option. <br />One serial entrepreneur who helped found five companies provided insights on Chapel Hill as a <br />startup location. The available space is higher quality than what is needed, too expensive and <br />generally lacks expansion potential. Operating costs are higher primarily because of higher <br />property taxes. Employees expect higher salaries if they live in Chapel Hill. In Orange County, <br />he thought Hillsborough could offer better options than Chapel Hi1L <br />The founder of several IT companies endorsed Regency office suites as startup space. His <br />company is now located in a Cary office park and may add warehouse space at another location <br />in the future. He considers Cary an excellent location for employees and for business travel via <br />RDU airport. <br />The third founder runs a company that develops medical device technologies. They start new <br />companies when the technology looks promising. Their objective is to have a portfolio of five <br />such companies at one time. The top executives and front office staff occupy Class A office <br />space in Chapel Hill. Their lab facility is in RTP where pre-clinical testing with animals is <br />conducted. The space includes a wet lab and clean room. The new companies are located within <br />30 minutes of the anchor RTP lab in Class B space of 3-5,000 SF. If the technology is proven, <br />21 <br />