BioMed Sells DC-Area R&D Facility for $338M

HFF represented the seller and closed on an acquisition loan on behalf of the new owner.
GSK Global Vaccine Centre, Rockville, Md.

GSK Global Vaccine Centre, Rockville, Md.

Washington—HFF recently announced the $337.5 million sale of GSK Global Vaccine Centre, a three-building, Class A research and development facility in Rockville, Md.

The company represented the seller, BioMed Realty, which is owned by affiliates of Blackstone Real Estate Partners VIII. HFF acquired the undisclosed buyer and also secured an acquisition loan through Goldman Sachs. According to Yardi Matrix data, the Class A asset last traded over a decade ago, in May 2006, when Human Genome Sciences disposed of the property as part of a portfolio sale.

Located at 14200 Shady Grove Road, the 635,058-square-foot mid-rise R&D facility was completed in 2003. The property is fully leased to a subsidiary of GlaxoSmithKline. The British pharmaceutical company opened the global vaccines research center in December 2016. The property, which currently houses 450 scientists and support staff, features 30,000-square-foot floor plates and includes 1,300 parking spots.

HFF’s investment sales team representing the seller was led by Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson. The company’s team representing the borrower was led by Kevin MacKenzie, Cary Abod and Lee Redmond.

Image courtesy of Yardi Matrix