ROCKVILLE, MD-BioMed Realty Trust has scored a lease that value-add acquisition dreams are made of: Meso Scale Diagnostics is taking 104,700-square feet at 1701 Research Blvd. This past Spring, the REIT acquired it and 1711 Research Blvd., a 177,000-square-foot building, from Moore & Associates, for $17.5 million.
Mesco Scale’s full building lease is for 15 years. The building, which had been vacant, is now fully leased up six months after BioMed scooped it up. The REIT did not return a request for comment to GlobeSt.com in time for publication.
It is not surprising that such leases occur after a recent acquisition. Oftentimes a value add purchase is made with the expectation that the lower price point will allow the company to set attractive rents or offer more generous TI concessions. That has been the acquisition strategy behind some of First Potomac’s acquisitions. For example, the REIT just inked 50,000-square feet of leases at Three Flint Hill, a 181,400-square-foot building that the company acquired in April 2010 for $13.6 million, completely vacant.
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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.
