FOR IMMEDIATE RELEASE
CBRE represented Westat in this life sciences conversion opportunity
Washington, D.C.– July 12, 2022 – Westat, an employee-owned research company headquartered in Rockville, Maryland, completed the sale of Research Square for $25.5 million.
The site represents a premier life sciences conversion opportunity located in Rockville, Maryland, the life sciences hub of the Washington Capital Region. The property includes two existing buildings comprised of 90,000 square feet. Located at 1500 and 1550 Research Boulevard, both buildings possess the base building attributes required for an immediate life sciences conversion.
With a 0.4% vacancy rate Shady Grove is the most sought-after cluster within the I-270 biotech corridor and it is exceedingly rare for sites to have this type of unencumbered availability with by-right MXE zoning at this location. The buildings are also both 100% vacant, providing a unique speed-to-market advantage in one of the most-coveted bio-tech clusters in the nation with high barriers to entry and where demand far outpaces supply.
“We are pleased with the successful outcome of this disposition effort through our partnership with CBRE. This transaction advances Westat’s facility strategy,” stated Derek Ellis, Senior Vice President and Chief Operations Officer of Westat.
CBRE represented the seller, Westat in the transaction, led by Executive Vice President Tommy Cleaver, Senior Vice President Dan Grimes, and Vice President Stuart Kenny of CBRE’s Washington D.C. Institutional Properties group.
CBRE’s recent Life Sciences Research Talent 2022 report ranks the Washington, D.C./Baltimore life sciences cluster #2 in the U.S. for life sciences research talent. Significant numbers of existing and emerging talent helped propel Washington D.C./Baltimore to the #2 ranking, in addition to an impressive density of talent compared to other markets.
“Two themes remain consistent: the life sciences industry wants to grow here and we have no space available. 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,” said CBRE Executive Vice President Tommy Cleaver. “With this transaction, we have reset the high-water mark for conversion pricing in less than a year” Cleaver said referring to the previous record his team set last August in the sale of the 435,000 square foot campus to Boston Properties now known as Shady Grove Innovation District. “This is a well located, speed to market play that will be very successful.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Contact:
Ashley Houk
1 202 585 5676
Ashley.Houk@cbre.com
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