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AstraZeneca Inks 200K SF Industrial Deal In Montgomery County

The interior of Matan Cos.' 700 Progress Way, photographed during a Bisnow event it hosted in March 2023.

Biopharmaceutical giant AstraZeneca is expanding its Gaithersburg footprint, taking an entire building at a recently completed industrial park from Matan Cos.

The company leased 198K SF, taking one of the two industrial properties built speculatively at the 44-acre park at 700 Progress Way, Matan Cos. announced Tuesday. The developer completed the project fronting I-270 in Montgomery County's life sciences corridor earlier this year.

Gaithersburg is one of the main research and development hubs for AstraZeneca, which is based in Cambridge, UK. It began moving employees from Wilmington, Delaware, to its Gaithersburg campus at 1 MedImmune Way, which now totals 1.3M SF, about a decade ago. The campus employs over 4,000 staff, according to the company’s website, making it Montgomery County's seventh-largest employer, according to the governor's office.

“We are excited to welcome AstraZeneca to our portfolio and to have the opportunity to support their work in advancing healthcare solutions,” Matan Cos. Director of Leasing J.P. Matan said in Tuesday's news release. “AstraZeneca’s decision to choose 700 Progress Way for its operations reinforces the property’s strategic location within the Montgomery County life sciences corridor and the flexibility of the buildings to accommodate everything from cGMP to distribution.”

Matan's James Matan represented the landlord in the transaction, and CBRE’s Kevin Reap represented AstraZeneca.