Matan Cos.’ just lately delivered buildings every function leasable bays starting from 5,845 to 13,148 sq. toes. Rendering courtesy of Matan Cos.
World biopharmaceutical big AstraZeneca is increasing its presence in Gaithersburg, Md., with a 198,000-square-foot lease at a newly constructed Class A industrial and life science constructing, developed by proprietor Matan Cos. James Matan represented the proprietor within the lease transaction and Kevin Reap of CBRE represented AstraZeneca.
Matan Cos. developed the 44-acre campus—comprising two similar buildings—on a speculative foundation. In line with CommercialEdge information, the developer funded this undertaking with a $74 million development mortgage in 2021, offered by Wells Fargo Financial institution.
The life science and industrial campus instantly fronts Interstate 270 between the Montgomery Village Avenue and Watkins Mill interchanges in Montgomery County. The 198,000-square-foot buildings function further retail pads alongside Route 355. The second constructing, situated at 750 Progress Manner, continues to be accessible for leasing.
Each buildings have 32-foot clear heights, 50-foot by 52-foot column spacing, 50 dock doorways, 200-foot truck courtroom and 367 parking areas that embrace 12 electrical automobile charging stations.
JP Matan, director of leasing for Matan Cos., mentioned in a ready assertion the choice by U.Okay.-based AstraZeneca to lease 700 Progress Manner reinforces the property’s strategic location throughout the Montgomery County life science hall and the pliability of the buildings to accommodate the whole lot from cGMP to distribution.
Final month, Matan Cos. introduced a three way partnership with Rockefeller Group to develop at $300 million, 5 million-square-foot industrial and logistics heart in Suffolk, Va., within the Hampton Roads space. The primary section of the 540-acre Port 460 Logistics Middle could have 5 buildings totaling 2.4 million sq. toes and is slated for completion in 2025.
A fundamental analysis hub
The Montgomery County property is about 3 miles from AstraZeneca’s present Gaithersburg campus at 1 Medimmune Manner, which has about 1.3 million sq. toes of lab and workplace area and accommodates greater than 3,500 workers.
AstraZeneca additionally has a biologics manufacturing facility in Frederick, Md., that has about 300 employees. The corporate is Montgomery County’s seventh-largest employer and Frederick County’s eighth-largest.
Gaithersburg is without doubt one of the fundamental analysis and growth hubs for AstraZeneca. The corporate additionally has U.S. places in Wilmington, Del., and Waltham, Mass., and is planning one other one within the Boston space.
AstraZeneca shall be occupying 290 Binney St., a constructing with 570,000 sq. toes of laboratory area that’s underneath development in Cambridge, Mass., by BXP. Final month, BXP agreed to promote a forty five % curiosity in 290 and 300 Binney St., which is being redeveloped for all times science area as properly, to Norges Financial institution Funding Administration for $746 million.
