Rock Creek Property Group has acquired two floors of an office property in Montgomery County to convert to life sciences.
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Following a nearly $9M acquisition, the developer plans to construct the 51K SF project, branded as Precision Labs | Shady Grove, at 9707 Key West Ave. in Rockville.
The developer said the space can either be converted into a two-story contiguous lab and R&D space or into separate spec suites. Amanda Davis and Danny Sheridan of JLL’s life sciences team were retained to lease the space.
This is the second Precision Labs project for Rock Creek Property Group. In October, the developer acquired a 121K SF, three-building office complex in Germantown to convert to life sciences space.
Both conversions have been financed through Rock Creek’s Fund III, the first two transactions in that fund. The projects continue the expansion of Maryland' booming I-270 life sciences corridor, which CBRE has ranked as the third-fastest-growing hub in the country.
SALES
Grosvenor acquired the 21-story Grosvenor Tower for a value-add play, the buyer announced Thursday. Located at 10301 Grosvenor Place in North Bethesda, the 237-unit building is part of Grosvernor’s campaign to acquire $1B in value-add properties over the next few years. The Washington Business Journal reported that the property sold for $95M.
Built in 1987 and last renovated in 2008, the tower is now slated to receive upgrades like electric vehicle charging stations, LED lighting and low-flow water fixtures that are intended to lower its carbon footprint. The buyer retained Bozzuto to manage the property.
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Monument Realty sold 43K SF of inline retail properties at its Riverside Square in Ashburn project to an undisclosed buyer for $22.5M, it announced this week. The two properties, located on Leesburg Pike and Riverside Parkway, are part of a 90K SF center that Monument billed as its first large-scale, ground-up retail project.
Following the off-market transaction, the buyer will retain Monument for property management and leasing. The two properties changing hands are anchored by Oak Health Club, Sherwin Williams and Mattress Warehouse. Monument’s Danny Brooker and Rich Sillery represented buyer and seller.
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Dantes Community Partners teamed up with Goldman Sachs to acquire a $139M affordable housing property in Prince George’s County, Bisnow reported Monday. The 727-unit Verona at Landover Hills, sold by Dragone Realty Investments and GMF Capital, was acquired through the county's Right of First Refusal program. Goldman Sachs’ Urban Investment Group partnered on the transaction, and the buyers received funding from Citi's Emerging Manager Preservation Fund.
MILESTONES
Geospatial analytics company HawkEye 360 opened a 19K SF manufacturing facility in Herndon on Friday, the company announced. The Fairfax County facility allows the defense and intelligence contractor to gain full control of its manufacturing stream, it said in a release. HawkEye 360 said the facility would host up to 70 employees and it is currently hiring.
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Deka Biosciences broke ground on a 14K SF office and lab facility in Germantown on Tuesday, according to a press release. The property, located at 20380 Seneca Meadows Parkway, is scheduled to deliver in the first quarter of 2023.
PERSONNEL
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Transwestern Executive Vice President George Vogelei has departed the brokerage to enter the world of proptech. Vogelei was hired to serve as Cove’s chief growth officer, overseeing sales and marketing. He was hired following a $10M funding round for Cove led by Blackstone and Kastle Systems. In his new role, Vogelei will oversee the expansion of Cove’s property management platform into additional properties nationwide, he told Bisnow Tuesday.
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Manatt, Phelps & Phillips LLP brought aboard partners Corenia Riley Burlingame and John Dalton to join the professional services firm’s Impact Investing and Community Development practice. The hires will bolster Manatt’s tax incentive financing capabilities, according to a release. Burlingame joins Manatt from Miles & Stockbridge P.C., where she was hired as counsel and later became principal, according to her LinkedIn page. Dalton was a principal at Miles & Stockbridge P.C. from February 2018 until he was hired by Manatt this month, according to his LinkedIn page.
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