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Altus Realty, Velocis Pick Up Rockville Office Complex for Conversion to Life Science
Arlington, VA-based Altus Realty has acquired the two-building Research Square at 1500 and 1550 Research Boulevard in the Shady Grove submarket of Rockville, MD. The property was purchased in a joint venture with Dallas, TX-based Velocis.
The acquisition includes 89,640 square feet of office space across two buildings on 7.45 acres, just west of I-270. The traditional office space will be converted to life science and lab space, with construction scheduled to begin in January 2023.
“The Shady Grove life science submarket currently has less than 1% vacancy rate, indicating that demand far outweighs supply,” said Velocis partner Mike Lewis. “Existing lab product in the area rarely becomes available, so there are limited conversion opportunities available. There are also limited approved life science sites available for ground up construction.
Velocis and Altus Realty also partnered in 2018 to acquire Greensboro Park, a two-building 505,085-square-foot office complex in Tysons, VA.
- ◦Sale/Acquisition
