The loan for the building, which is located at 950 Wind River Ln., was structured with a five-year term and a 25-year amortization. Walker & Dunlop closed the loan in less than 60 days with customized flexibility in prepayment structure.
The building is situated on 4.9 acres of land at the intersection of Quince Orchard Rd. and Great Seneca Highway. Completed in 2002, the class A office building is adjacent to MedImmune's Gaithersburg headquarters.
MedImmune is the quintessential tenant for the Gaithersburg market--a biotech company that is growing despite the downturn. Gaithersburg, of course, is a submarket that attracts a lot of biotech companies--much like the way Northern Virginia draws in the defense contractors. Over the past several months, for instance, RREEF renewed about 64,000 square feet in Gaithersburg from life sciences company tenants. In one of the buildings--55 W. Watkins Mill Rd.--RREEF renewed a 21,000 square feet lease with MedImmune.
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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.
