X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FREDERICK, MD-The Riverside Technology Park has opened its doors to a new tenant with BBI Biotech Research Laboratories’ commitment to a 65,000-sf space at the nearly 500,000-sf flex office complex. The R&D firm’s 11-year lease with property owner MIE Properties Inc. paves the way for the company’s expansion and relocation from its current 35,500-sf location at the Center at Monocacy Business Park., also along the I-270 Biotech Corridor in Frederick. BBI Biotech’s new home will be in the park’s 75,000-sf building at 8425 Progress Dr, one of six structures in the business compound.

“Our client was somewhat handcuffed in their current location from a space perspective, making it difficult to support an ever-expanding base of government and private sector contract customers,” says Cushman & Wakefield’s Bob Schap.

Cushman & Wakefield represented the tenant in the transaction, while MIE represented itself. “The Riverside location provides substantial operational flexibility for BBI Biotech’s Mid-Atlantic operations to comfortably grow well into the future, with reasonable economics and minimal timing risk.”

MIE was unavailable for comment. Flex space in Frederick goes for an average of $10.25 per sf, according to Advantis Real Estate Services First Quarter 2004 Flex/Industrial Report.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.