Medical Company Relocates HQ From NoVa to Baltimore
- Jun 28, 2017
Medicinal botanical company Vitreon America Inc. is moving its headquarters from Northern Virginia to Baltimore. The firm currently occupies 5,000 square feet of office space at 1100 Wicomico St. in Pigtown and is subleasing—for the time being—from Baltimore BioWorks, SouthBmore.com reports.
Vitreon plans to invest $6.5 million in its new HQ and research and development facility, while also creating some 200 jobs over the next five years. The company also plans to establish its laboratory, research center and grow zones in the area, targeting a total of roughly 200,000 square feet of space across the metro area.
The New HQ
The eight-story 1100 Wicomico St. was built in 1900 and completely renovated in 2011 by its current owner, Bernstein Management. According to Yardi Matrix data, the property offers 336,932 square feet of office space and Lee & Associates is in charge of leasing. The asset last traded in 2007, when Rhodes Development sold it for $5.8 million.
According to the office of Maryland Governor Larry Hogan, Vitreon is eligible for Job Creation Tax Credit and One Maryland Tax Credit. At the same time, Vitreon will continue to work with the Maryland Department of Commerce and the Baltimore Development Corp. on its relocation project.
Image courtesy of Yardi Matrix