Maryland Real Estate Roundup 2021
Sponsored by DPR Construction
This year, Maryland continued to prove why it’s becoming one of the strongest biohealth clusters in the country. The state’s commitment to businesses in the life science, pharmaceutical, and biotech industries has continued as both the private and public sectors work to meet the demand for more space. Here are a few of the biggest real estate projects in Maryland in 2021. Some of these projects are still under construction, while others were unveiled this year.
935 Prose Street @ Pike & Rose – North Bethesda
Federal Realty, the real estate developer responsible for Pike & Rose in North Bethesda, announced a new life sciences facility at 935 Prose Street in December. The building will consist of 10 stories and 260,000 square feet of lab space. Scheer Partners, a leading commercial real estate firm in the Biohealth Capital Region, is set to lease the property. The project will be the first life sciences building at Pike & Rose, which is rich with amenities such as public transit, bike paths, countless restaurants, shops, and ample parking.
Ballenger Bio – Frederick
Beckham Gumbin Ventures (BGV), a commercial real estate investor and developer, announced they would begin construction on Ballenger Bio, a life sciences conversion and innovation center in Frederick. Currently an office building, the new facility will offer research and development spaces between 3,000 and 7,000 square feet.
City Garage – Baltimore
South Duvall and Sagamore Ventures announced in November that they would bring more than 100,000 square feet of lab space to City Garage in South Baltimore’s Port Covington over the next 10 years. Originally a city bus repair depot in 1965, the building was transformed by South Duvall after their 2015 purchase. In addition to great life sciences amenities, the project will also offer employees and employers water views, volleyball courts, and a nearby running trail.
I-270 Innovation Labs – Frederick
I-270 Innovation Labs in Frederick opened to the public in 2021, filling a need for short-term lab space on the I-270 corridor. Co-founders Doug Bane and Luis Rugeles offer both wet and dry labs of various sizes, totaling 22,000 square feet. Their unique model provides companies with flexible leases and lab equipment in a communal area, including freezers. Over 60% of the spaces have been leased.
NIH/NCI Cell Processing Molecular Facility – Bethesda
In 2021, DPR Construction began work on the Tumor-Infiltrating Lymphocytes (TIL) Cell Processing Molecular Facility, which will be utilized by the National Cancer Institute to develop new cancer treatments. The building will be the first large-scale, fully prefabricated and modular multi-module cGMP manufacturing facility of its kind built in the United States. The 6,000-square-foot building will include cell manufacturing suites, cell processing suites, cleanroom lab spaces, a cold storage room, and office spaces.
Novavax New Campus – Gaithersburg
In April, Novavax, a biotech company that works primarily on vaccines, submitted a plan to expand its corporate campus. Currently, the company has 79,000 square feet of office and lab space in Gaithersburg. In 2020, the company announced they would take over 122,000 square feet of space at 700 Quince Orchard Road and add 400 jobs.
Port Covington – Baltimore
Alexandria Real Estate, the largest owner of life science real estate, has partnered with Weller Development, Sagamore Ventures, and Goldman Sachs Urban Investment Group to create a life science and medical research hub at Port Covington in South Baltimore. Port Covington’s first phase began in March and will include more than 1 million square feet of offices, apartments, shopping, and parks when completed. Alexandria Real Estate’s project will consist of six stories and 170,000 square feet for manufacturing, lab space, and offices and will be completed in a later phase of development.
Progress Labs – Frederick, Gaithersburg, Germantown
This was a big year for Matan, one of the region’s premier commercial real estate services and development firms. One of their projects, Progress Labs, aims to bring 2 million square feet of life sciences lab and manufacturing space to the I-270 corridor. This summer, they signed on Ellume, an Australian-based diagnostics company that makes at-home COVID tests, as their primary tenant at Center 85. This is Ellume’s first facility in the United States.
Ellume’s two buildings at Center 85 total 180,000 square feet and were built with biotech in mind, with high ceilings and high floor loads to support mezzanine requirements. When completed, Center 85 will boast 700,000 square feet across five buildings. Located right off Route 85 in Frederick, the center has ample parking and easy access to I-270 and I-70.
TCR Therapies – Frederick
TCR² Therapeutics established a commercial-scale cell therapy manufacturing facility in Rockville this year. The 85,000 square foot building was constructed and leased by Alexandria Real Estate and is ready for Good Manufacturing Practices build-out. Production in the facility is expected to begin in 2023.
VaLogic – Frederick
In April, the biotech company VaLogic acquired a 75,400 square foot building at 7495 New Horizon Way for $7.7 million. VaLogic will turn the vacant commercial building into a suburban tech center with easy access to I-270 and I-70. The goal is to turn the interior into several smaller offices and labs to lease to tech start-ups and smaller companies.
Discover the latest projects making an impact in the region and the companies building them. Click below…