Rock Creek Property Group has acquired three office buildings within the Cloverleaf Center complex in Germantown, Md., for $22 million.
Rock Creek plans to convert the 121,000-square-foot portfolio, at 20420, 20430 and 20440 Century Boulevard, into life sciences space and rebrand the buildings as “Precision Labs.”
SEE ALSO: Monday Properties Pays $146M for Two NoVA Office Properties
“It presented a great value opportunity to pivot the buildings from challenged office product to desirable opportunities for life science tenants,” Gary Schlager, a principal at Rock Creek, told Commercial Observer. “This was an opportunity to capitalize on the immediate tenant demand as well as future demand in a quickly evolving and expanding life science cluster.”
Read the full article at: commercialobserver.com
