Research Facility in Rockville’s Shady Grove Cluster Trades for $26M
CBRE has completed the $25.5-million sale of a two-building, 180,000-square-foot research facility in the Shady Grove cluster in Rockville, MD. The buildings are currently vacant.
Tommy Cleaver, Dan Grimes and Stuart Kenny of CBRE represented seller Westat, an employee-owned research company.
According to CBRE, Shady Grove has a 0.4% vacancy rate.
“Two themes remain consistent: the life sciences industry wants to grow here, and we have no space available,” said Cleaver. “Investors remain attracted to the near-term supply/demand imbalance, as well as the depth of our R&D talent pool which provides a fertile runway for long-term growth.”
CBRE’s recent Life Sciences Research Talent 2022 report ranks the Washington, DC/Baltimore life sciences cluster #2 in the US for life sciences research talent. Significant numbers of existing and emerging talent helped propel Washington D.C./Baltimore to the #2 ranking.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.