"We are optimistic that in the next six months we will see significant absorption in the 1-270 Corridor's existing life sciences inventory," he tells GlobeSt.com. The current inventory is 800,000 square feet out of 10 million square feet, he notes. "A significant amount of that is about to be absorbed based on the velocity we are seeing now in the market."
To be sure, building owners with biotech tenants are not immune to vacancies. One of the buildings in which RREEF inked a lease also lost a 18,000-square-foot tenant--Immersion Medical--to a Germantown location, Brady says. Still, though RREEF came out ahead in 55 W. Watkins Mill Rd., located in the Gaithersburg submarket. MedImmune renewed its lease of 21,000 square feet there. Adam Nachlas of Scheer Partners represented the landlord, while Brady represented MedImmune.
GenVec renewed its lease of 42,900 square feet at 65 W. Watkins Mill Rd. The Gaithersburg building serves as GenVec's corporate headquarters. This is a full building renewal, keeping the space completely occupied. Nachlas and Brady represented RREEF.
Separate transactions by Scheer further illustrate biotech's influence in the Maryland market--particularly now. Robert Scheer represented CoGenesys in its 48,000-square-foot renewal at 9410 Key West Ave. in Rockville. DANAC owns the building. Serendipity-owned 12275 Wilkins Ave. in Rockville had 25,000 square feet renewed by Nabi, which uses the space as its headquarters. Scheer and Brady represented Nabi in the deal.
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