Longfellow Enters Maryland With  Lab Conversion in Rockville

Longfellow Actual Property Companions is increasing to the I-270 hall with the acquisition of 1 Protect, a 191,000-square-foot workplace constructing in Rockville, Md., in response to the corporate.

The value was not disclosed, however a supply near the deal famous it was roughly $42 million.

Federal Capital Companions was the vendor, having acquired the property in 2014 for $61.2 million.

This marks the primary entry within the Maryland marketplace for Longfellow, which has a portfolio of greater than 15 million sq. ft of life sciences house across the nation. The developer will convert the constructing into life sciences house.

“The I-270 hall, also referred to as DNA Alley, has lengthy been a hotbed for innovation and a number of the easiest firms within the nation for life-changing discoveries,” Ben Sayles, Longfellow’s managing director within the Northeast, advised Business Observer. “Nearly instantly, we’re going to convert the constructing from workplace to state-of-the-art lab house that gives the framework for all times science and biotech firms to have the easiest revolutionary house for his or her staff and management.” 

The corporate will probably be making substantial upgrades to the constructing’s electrical and HVAC methods. It can additionally combine the agency’s proprietary tenant expertise platform ElevateTM, which contains customized programming..  

Longfellow has constructed an in depth portfolio in key markets equivalent to Boston, San Francisco, San Diego and the Analysis Triangle of North Carolina. It seems to be ahead to getting into the Maryland/Washington, D.C., market, one of many high 5 markets within the nation, in response to Sayles.

“What is basically thrilling for us is the power to supply tenants a full constructing id — this can be a true rarity in high markets like this one,” he mentioned.

Shaun Weinberg of Cushman & Wakefield represented the vendor and procured the customer within the deal.

Requests for remark from Federal Capital Companions weren’t instantly returned.

Keith Loria could be reached at Kloria@commercialobserver.com.