The Greater Washington Life Sciences Fund acquired the building from Fortress, principal Robert Scheer tells GlobeSt.com. "We plan on making another $5 million to $6 million in tenant improvements to make the building suitable for a laboratory," he says. Currently, the building, located at 21 Firstfield Rd., is vacant. It had originally been slated for conversion to office condos before the downturn. In addition, Scheer Partners will provide leasing, property management, and construction management services.
When the fund launched, Scheer told GlobeSt.com that it had $120 million of potential deals in the pipeline. That still is the case, he says. "There is a good likelihood we will be closing another acquisition, substantially larger than this one, in the near term."
21 Firstfield Rd. is located off of I-270 and Clopper Rd., accessible to the National Institute of Standards and Technology. It will be the only significant block of class A lab space available in the Gaithersburg market, according to Matt Brady, Scheer Partners vice president and the senior agent marketing the project.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
