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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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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