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GAITHERSBURG, MD-An LLC has acquired a 50,000-square-foot office building here for $9 million. The purchaser, Broad Street Ventures LLC, founded by Michael Jacoby, simultaneously inked a ten-year lease with MedImmune to occupy the entire building. Walker & Dunlop secured the financing–a $7.8 million loan–from the DC area institution Cardinal Bank, Ted Hermes, senior vice president capital markets, tells GlobeSt.com. The final purchase price of $9 million, however, is somewhat misleading as the purchase is also kicking a significant level of TI funds. “It will spend about $25 per square foot so the total cost would be higher,” Hermes says.

The loan for the building, which is located at 950 Wind River Ln., was structured with a five-year term and a 25-year amortization. Walker & Dunlop closed the loan in less than 60 days with customized flexibility in prepayment structure.

The building is situated on 4.9 acres of land at the intersection of Quince Orchard Rd. and Great Seneca Highway. Completed in 2002, the class A office building is adjacent to MedImmune’s Gaithersburg headquarters.

MedImmune is the quintessential tenant for the Gaithersburg market–a biotech company that is growing despite the downturn. Gaithersburg, of course, is a submarket that attracts a lot of biotech companies–much like the way Northern Virginia draws in the defense contractors. Over the past several months, for instance, RREEF renewed about 64,000 square feet in Gaithersburg from life sciences company tenants. In one of the buildings–55 W. Watkins Mill Rd.–RREEF renewed a 21,000 square feet lease with MedImmune.

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