The building, located at 7311 Governor's Way, had been vacant, Tyler tells GlobeSt.com. "Life Technologies will be spending about $1.5 million to renovate it," he says. The asking rate for the building had been $7.25 per square foot, triple net.
Maryland's 1-270 Corridor is, of course, the defacto home to the area's biotech and life sciences community--a role that has helped to support these submarkets' real estate in during the recession. RREEF, for instance, recently renewed about 64,000 square feet in suburban Maryland from biotech tenants. Earlier this month Broad Street Ventures simultaneously purchased an office in Gaithersburg while inking a 10-year lease with MedImmune to occupy the entire building., while a biotech firm also was the source of one of the few investment sales to close here, recently.
To further solidify Maryland's biotech and life sciences creds, Maryland Governor Martin O'Malley announced last week a $1.3-billion, 10-year plan to grow the industry. Proposed measures include creating a BioEntrepreneur Resource program, increasing funding for the Maryland Biotechnology Investor Tax Credit and creating a $10-million Maryland Life Sciences Venture Capital Trust.
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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.
