Longfellow Real Estate Partners Enters I-270 Corridor with Acquisition of Trophy Lab Conversion
191,000 SF office to life science conversion marks first Maryland acquisition by one of the nation’s leading life science investors
Rockville, MD (June 13, 2022) — Longfellow Real Estate Partners today announced the acquisition of One Preserve Parkway in Rockville, Maryland. Located along the I-270 corridor (also known as DNA Alley), One Preserve will offer today’s most innovative life science tenants the almost immediate availability of 191,000 square feet of state-of-the-art lab space. The building features a market leading on-site amenity package, ample parking, as well as flexible and efficient floorplates of roughly 30,000 square feet.
The acquisition marks the first asset in the Maryland/Washington D.C. market for Longfellow Real Estate Partners, the largest privately owned commercial developer of life science buildings in the country. Longfellow maintains offices/developments in Boston-Cambridge, New York City, San Diego, San Francisco Bay Area, the Research Triangle of North Carolina, and London, UK with a portfolio that spans nearly 15 million square feet.
“One Preserve is a high-quality asset that occupies a prime location within DNA Alley. Perhaps more importantly, this investment allows Longfellow to provide research space for the immensely talented companies and individuals that make up this innovative community,” said Longfellow Managing Director, Northeast Ben Sayles. “Longfellow is firmly dedicated to partnering with our tenants, providing world-class space for this community’s growing life science ecosystem.”
“DNA Alley has been a hotbed of research, talent, and renowned companies – we are thrilled to expand the Longfellow model into this region.” said Longfellow Co-Founder & CEO Adam Sichol. “Throughout the country, our firm has been able to meet the needs of our partners by working hand in hand with them to succeed together.”
Longfellow will be making substantial upgrades to building’s electrical and HVAC systems to create highly functional, institutional-quality lab space. Future tenants at One Preserve will benefit from the easily accessible location with immediate connectivity to I-270, along with the amenity rich location that boasts many restaurants, bars, cafes, and high-end retail options within a short driving distance. Longfellow will also integrate the firm’s proprietary tenant experience platform ElevateTM, which incorporates the facilities and custom programming that encourages connection and collaboration throughout the campus.
“The Longfellow team has an exceptional reputation for targeting best-in-class assets for life science redevelopment”, said Shaun Weinberg, Managing Director of Cushman & Wakefield, which arranged the sale to Longfellow. “One Preserve represents the only existing, scalable trophy building ready for a Life Science repositioning in the I-270 Corridor. Upon completion, One Preserve will fill a void in the market and will undoubtedly mark he highest quality conversion in the market”
Longfellow’s acquisition of One Preserve builds on the firm’s rapidly expanding national portfolio in the world’s leading and emerging destinations for life science innovation. Over the past year, the firm increased its footprint in the San Francisco Bay Area by over 1 million square feet with acquisitions in Millbrae, Emeryville, and San Francisco; invested in building out one of the nation’s most dynamic life science clusters in San Diego with acquisitions in the Sorrento Mesa and Sorrento Valley submarkets; closed on assets and partnerships that will help address strong demand in the Research Triangle market in North Carolina; and expanded to the United Kingdom to bring its vision for world-class innovation ecosystems to the Golden Triangle.
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About Longfellow Real Estate Partners
Longfellow Real Estate Partners is the largest private life science real estate services firm in the United States. The firm’s portfolio spans nearly 15 million square feet of laboratory and technology space, concentrated in the nation’s top markets for bio-innovation on both coasts including Boston-Cambridge, Maryland-Washington D.C., New York City, Philadelphia, San Diego, San Francisco Bay Area, the Research Triangle of North Carolina, along with the firm’s expansion to the United Kingdom. Longfellow acquires and develops facilities in strategic locations and builds long-term relationships with research-centric organizations including life science companies, universities, medical centers, and research institutes. The firm’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each customer’s unique requirements.
For more information visit https://lfrep.com.
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