JLL Capital Markets led sales efforts for the portfolio, which is located in the heart of Shady Grove, Maryland’s premier life science cluster
WASHINGTON, D.C., May 17, 2021 – JLL Capital Markets announced today that it has closed the sale of the Shady Grove Life Science Portfolio, a 35.5-acre life science campus in Rockville, Maryland.
The offering consist of two three-story office/lab/academic buildings totaling 94,257 square feet at 9601 Medial Center Dr; two pad sites with 250,000 square feet of entitled life science density adjacent to 9605 Medical Center Dr. and three ground leases offering secure, long-duration cash flow at 9609/9613, 9615 and 9605 Medical Center Dr.
The portfolio is located in the Interstate 270 Corridor at the epicenter of Shady Grove, Maryland’s premier life science cluster. Shady Grove is home to 45% of Montgomery County’s overall lab supply and is surrounded by nine public Maryland Universities supporting the thriving sector. Additionally, the portfolio offers a highly amenitized location with numerous retail, dining and multi-housing options within walking distance.
The JLL Capital Markets team representing the seller was led by Jim Meisel, Dave Baker, Andrew Weir and Matt Nicholson.
“The Shady Grove Life Science Portfolio offered a rare opportunity to acquire a scalable block of life science density immediately available for conversion or development in proximity to major demand drivers,” Meisel said. “Large-block lab availability is extremely limited along the I-270 Corridor and will lead to continued robust rent growth.”
According to JLL’s 2020 Life Sciences Outlook, Maryland is the fourth largest life science hub in the U.S. and nearly a quarter of all leasing activity in suburban Maryland is driven by the life science sector. Additionally, rents are approaching new highs, especially for new construction and life science jobs continue to increase hitting all-time highs in 2019.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Kristen Murphy, JLL Senior Manager, Public Relations
Phone: +1 617-848-1572
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