Rock Creek Property Group Breaks Ground on BIO at 700 QO
October 30, 2019
Rock Creek Property Group (Rock Creek) officially broke ground on its redevelopment of 700 Quince Orchard Road, a 121,672 SF Best-in-Class R&D/Manufacturing Laboratory Facility. The building is located in a premier life sciences hub in the BioHealth Capital Region (BHCR). As Maryland continues to rise on the list of top biotech hubs, BIO at 700 QO offers a future HQ for life sciences companies in a market with very low vacancy.
Construction has commenced and is well underway for delivery in the spring of 2020. Rock Creek has enlisted Cushman & Wakefield as the exclusive leasing agent for the building. Kevin McGloon, Executive Director at Cushman & Wakefield, explains that “BIO at 700 QO presents a unique opportunity for biotech firms to custom suit their needs with less time and a more efficient cost basis than new construction.”
Formerly an electronics lab, Rock Creek decided to convert this project into a premier biotech building due to the “ideal lab bones” of the building and its prime location. Gary Schlager with Rock Creek explains “given the supply/demand fundamentals of the biotech market in the I-270 corridor, 700 Quince Orchard lends itself well to a lab conversion. The building offers the right mixture including ideal ceiling heights, floor loads, power, and loading. Additionally, the project is located in a cluster of biotech firms where collaboration can occur and companies can have access to top talent.”
Coakley Williams will be leading the charge on the base building construction. The groundbreaking ceremony will take place in mid-November.
For additional questions, please contact:
Kevin McGloon, Peter Rosan, or Megan Williams at Cushman & Wakefield 301.654.9700
About Rock Creek Property Group:
Rock Creek Property Group is a real estate investment and development company based in Washington, DC. Since its formation in 2000, the company has acquired and developed a diverse array of properties from apartments, condominiums, retail centers and commercial office buildings, to unique historic structures, and boutique mixed-use projects. Rock Creek has decades of experience in various aspects of commercial and multifamily real estate, including development, leasing, construction, structured finance, and asset and property management.
About Cushman & Wakefield:
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.