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BXP Expands Life Sciences Presence into Montgomery County
Boston Properties (BXP) has agreed to purchase the Shady Grove Bio+Tech Campus in Rockville, MD for $116.5 million. The property includes seven existing buildings, three of them currently vacant, comprising approximately 435,000 square feet across 31 acres.
The acquisition will expand BXP’s life sciences footprint, currently focused on Boston and its suburbs and San Francisco, into Montgomery County. The REIT plans to begin redeveloping the three existing properties upon closing of the acquisition, and redevelop the remaining to labor life sciences use as each becomes vacant.
Montgomery County is ranked among the nation’s top five life sciences clusters and is the epicenter of national public health research and regulatory leadership. “Growing demand, combined with limited supply, make Montgomery County, and this cluster in particular, an attractive opportunity for BXP to expand its life sciences presence,” said Pete Otteni, SVP, co-head of the Washington, DC region, BXP.
- ◦Sale/Acquisition
- ◦Development
