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Thor Equities Spends $45M for Office Campus in Rockville Life Science Cluster
Thor Equities Group has acquired a three-building office campus in the Shady Grove Life Sciences Cluster in Rockville, MD for $45 million.
“The properties in Shady Grove present a rare opportunity to acquire well-located assets with the potential to renovate and add value,” said Thor Equities Group EVP Jack Sitt. “The Washington, DC market has performed strongly, and we believe that trend will continue.”
The properties on West Gude Drive total more than 231,000 square feet of space across 17 acres. CBRE, which represented the seller in the transaction, notes that the properties feature the base building attributes required to facilitate first-class lab renovation in MD’s flourishing life sciences corridor, where demand continues to outpace supply.
“There is an insatiable appetite within the investment community for well-located projects of scale that can deliver inventory to this market quickly,” said CBRE EVP Tommy Cleaver. “Owners that can provide that will be rewarded.”
- ◦Sale/Acquisition
