This acquisition is the second this year by BioMed along the I-270 Corridor. In Marchhttp://www.globest.com/news/1608_1608/washington/183761-1.html the company acquired two life-science buildings--for $14.4 million—in Gaithersburg. Located at 55 and 65 W. Watkins Mill Rd., they total 82,400 square feet and are fully leased to MedImmune and GenVec.
BioMed was unable to comment to GlobeSt.com in time for publication, but this latest deal has increased BioMed's Maryland portfolio to six properties, which consists of 15 buildings and 1.4 million rentable square feet--all of which is fully leased.
The Venter Institute fits BioMed's acquisition profile, Alan D. Gold, BioMed's chairman and CEO, said in a statement, noting Rockville is a core market and the complex is anchored by a world-renown research institution. The deal is also a nod to the 1-270 Corridor, sometimes called DNA Alley.
As with most other industries, biotech activity, and its related real estate transactions, slowed during the recession. Strong deals such as this acquisition show the submarket is coming back to life. Indeed, in an earlier interview with GlobeSt.com, http://www.globest.com/news/1637_1637/washington/184389-1.htmlHenry Bernstein, a principal with Scheer Partners, estimated there was about half a million square feet worth of biotech lease transactions that will land in 2010 and 2011, including twogovernment mandates from the NIH and NCI.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
