Boston Properties (BXP) is set to acquire the Shady Grove Bio+Tech Campus, a seven-building, 435,000 Sq Ft. office park in Rockville, Maryland, for $116.5 million.
The 31-acre property, settled at 9600 Gudelsky Drive, is located in the Shady Grove life sciences cluster, home to a host of companies in the biotechnology sector.
It is also currently home to the Universities at Shady Grove, a biomedical and tech-focused university that is part of the University System of Maryland.
Pete Otteni, BXP’s senior vice president and co-head of Washington, D.C. stated that suburban Maryland benefits from existing dynamics that provide a strong foundation for growth in the life science industry. And growing demand, linked with limited supply, make Montgomery County, Maryland, and this cluster, in particular, an attractive opportunity for BXP to expand its life sciences presence.
BXP plans to change the office buildings into lab space, following the rising concern among building partners in converting assets to lab, research and biotech space throughout the D.C. region.
Three vacant buildings will be the first to be transformed once the closing of the sale is complete. The remaining four buildings will be converted as they become vacant.