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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.

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