JLL Brokers Sale of 36-Acre Life Science Campus in Rockville
JLL has arranged the sale of the Shady Grove Life Science Portfolio, a 35.5-acre life science campus in Rockville, MD. The sales price was not disclosed.
The portfolio consists of two, three-story office/lab/academic buildings totaling 94,257 square feet at 9601 Medial Center Dr; two pad sites with 250,000 square feet of entitled life science density adjacent to 9605 Medical Center Dr. and three ground leases offering secure, long-duration cash flow at 9609/9613, 9615 and 9605 Medical Center Dr. The portfolio is located in the Interstate 270 Corridor.
Jim Meisel, Dave Baker, Andrew Weir and Matt Nicholson of JLL represented the undisclosed seller in the transaction. The buyer was also undisclosed.
“The Shady Grove Life Science Portfolio offered a rare opportunity to acquire a scalable block of life science density immediately available for conversion or development in proximity to major demand drivers,” said Meisel. “Large-block lab availability is extremely limited along the I-270 Corridor and will lead to continued robust rent growth.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.