JV Sells Pair of DC-Area Research Facilities
- Nov 29, 2018
A joint venture between WealthCap and JBG Smith Properties has disposed of a two-building, 229,905-square-foot office and lab portfolio in Rockville, Md. The premier assets, part of Twinbrook Metro Park, were completed in 2004 as a build-to-suit for the National Institutes of Health, which continues to fully occupy the facilities.
The first asset is the five-story 5625 Fishers Lane. It contains 165,000 square feet, including 11,615 square feet of laboratory space. The other is the three-story 12735 Twinbrook Parkway, a 77,000-square-foot structure. Both properties feature state-of-the-art building systems.
Located in the heart of the Montgomery County life science market, the properties sit in the vicinity of the National Institute of Allergy and Infectious Diseases, the U.S. Department of Health and Human Services, U.S. Pharmacopedia, GlaxoSmithKline, Sanofi and MedImmune.
The Johns Hopkins Montgomery County campus and the University of Maryland Institute for Bioscience and Biotechnology Research are all within walking distance. A nearby metro station provides easy access throughout the entire area.
HFF’s Jim Meisel, Andrew Weir, Matt Nicholson and David Baker represented the seller in the transaction. The company also procured the buyer, while Kevin MacKenzie, Cary Abod, Brian Torp and Jay Graham arranged an acquisition loan. Last September, HFF arranged the refinancing of an office campus in the area.
Image courtesy of Yardi Matrix