JLL Secures Equity Raise for 75K-SF Lab Property in Rockville
Real estate and investment management firm JLL has completed an equity raise for the acquisition of 5640 Fishers Lane and 12441 Parklawn Drive, two lab buildings totaling 74,500 square feet in Rockville.
JLL arranged the joint venture equity partnership between GlenLine Investments and Singerman Real Estate for the acquisition, the first of a joint venture between the firms focusing on life science opportunities in the Suburban Maryland market. GlenLine and Singerman intend to implement a significant capital improvement plan to reposition the buildings into Class A lab space, with an anticipated delivery starting in second quarter 2021. The properties were recently vacated by NIAID, which had occupied the properties since delivery.
Danny Sheridan and Amanda Davis of JLL have been tapped by GlenLine and Singerman to provide agency leasing advisory services at the property.
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