Real Estate Tech Firm Signs Flex-Industrial Lease In D.C. Suburbs
REEF, a real estate tech company backed by SoftBank, has leased flex-industrial space in suburban Maryland to grow its distribution network in the region.
REEF signed a 64K SF lease at 8880 Gorman Road in Laurel, Maryland, Colliers, which represented REEF, announced Wednesday. The building's owner, Morgan Stanley, was represented by Lincoln Property Co. in the deal. The 140K SF building was constructed in 2000, according to LoopNet.
REEF operates a network of urban spaces, such as parking lots and alleys, that it transforms into what it calls "neighborhood hubs." The hubs have a range of uses from ghost kitchens to healthcare clinics to last-mile delivery sites.
The company currently has 4,500 locations and 15,000 employees. It plans to use the Laurel flex-industrial space for a range of applications including food delivery, healthcare, farming and mobility, according to Colliers.
In November, REEF raised $700M in a funding round led by Mubadala Capital and including participation from the SoftBank Vision Fund, plus funds managed by Oaktree Capital Management, Target Global and UBS Asset Management. It said at the time it planned to use the capital to grow its network to about 10,000 locations.
“We’re excited to grow our presence in the region and continue bringing the best food, services and experiences to more neighborhoods,” REEF Senior Real Estate Manager Mario Abati said in a statement. “By connecting more innovative brands to more customers and bringing more jobs into the community, we hope to further our mission to make the place you live the place you love to be.”