BioMed adds two Rockville buildings in $26.2M deal -- Gazette.Net



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BioMed Realty Trust of San Diego has announced plans to buy two more Rockville laboratory and office buildings for $26.2 million.

The properties, totaling 106,500 square feet, are part of the Belward Office Park developed by Foulger-Pratt of Rockville. BioMed said it expects the complex to be about 93 percent leased at closing, sometime this quarter.

The buildings — 9900 and 9901 Belward Campus Drive — were completed in 2001 and 2005, respectively. They sit northwest of Interstate 270 near the Shady Grove Life Sciences Center.

BioMed will assume loans secured by mortgages on the two buildings with an aggregate principal balance of about $24.1 million.

The company has been actively buying up space in Montgomery County’s biotech corridor. Before this deal, its Maryland portfolio comprised six properties, totaling 1.4 million square feet in 15 buildings.

The company is in the middle of redeveloping four buildings on the J. Craig Venter Institute campus in Rockville, which will free up 90,000 square feet for lease. BioMed bought the complex and Venter’s headquarters building for $53 million under a leaseback deal in 2010.

BioMed also struck a $425 million sale-leaseback deal in 2006 that included acquisition of the headquarters and a separate factory deal for Human Genome Sciences, also in Rockville.

Patuxent Place complex assets sell for $11M in Laurel

Bernstein Management bought most of the Patuxent Place mixed-use complex on Main Street in downtown Laurel, according to broker CBRE, which represented the seller, Cooper and Cummings.

Bernstein of Washington, D.C., acquired the 97,865-square-foot asset for $11 million, according to state sales records. The deal included 46,940 square feet of commercial office and retail space and 62 residential apartments, according to a CBRE sales brochure.

The four-story complex of office, retail and apartments space stretches for a block halfway between Washington and Baltimore and is 77 percent occupied.

The 157,340-square-foot complex, which Cooper and Cummings built in 1986, is immediately northwest of U.S. 1 and offers quick access to I-95 and the Baltimore-Washington Parkway.

“For two-and-a-half decades, the developer and owner of Patuxent Place has done a superlative job of creating and maintaining a true town center in the heart of historic Laurel,” Jonathan Beard, CBRE first vice president, said in a news release. “We expect this tradition of responsible, high-quality stewardship will continue under the new ownership of Bernstein Management.”

NIH adds space in Bethesda

The National Institutes of Health are adding space at one location in Bethesda, according to the General Services Administration, even as the agency’s infectious disease institute plans a move from two other nearby buildings to a new site under construction in Rockville.

The GSA announced the award of a 12-year, $37.3 million lease renewal and expansion totaling 99,583 square feet for the National Institute of Allergy and Infectious Diseases at the Atrium at Rock Spring, a 235,417-square-foot building at 10401 Fernwood Road. The deal includes an additional 55,000 square feet of expansion space, according to Lincoln Property, which represented the landlord, a joint venture led by Meritage Properties of Scarsdale, N.Y.

Jones Lang LaSalle represented the GSA. The agency put the lease out for bid as part of a consolidation request for proposals announced for the agency in 2010. The plan was to move more than 2,000 employees spread over offices in four properties into one building.

JBG Cos. of Chevy Chase won the bid and started construction in December on a new 10-story office building at 5601 Fishers Lane on what is the north parking lot for the firm’s Parklawn office building, which houses federal health and human services workers.

The disease agency’s new complex will provide 490,998 square feet, consolidating from 6701 and 6707 Democracy Blvd. in Bethesda.

Prince George’s medical center may break ground in 2014

Prince George’s County could break ground by early 2014 on a new regional medical center, depending on how a report due next month determines how it would fit with the existing Dimensions Healthcare System.

The new complex, a partnership with the state and the University of Maryland Medical System, remains on track, according to Thomas Himler, the county’s deputy chief administrative officer for budget, finance and administration plan.

The county has partnered with the state and the medical system to build a $600 million regional medical center in central Prince George’s that would serve the county and also Southern Maryland.

“The partnership is still there,” Himler said at a meeting Monday hosted by County Councilman Derrick L. Davis (D-Dist. 6) of Mitchellville. “It’s all moving in the right direction.”

Himler said the state, county, Dimensions and the medical system are working on a draft report that assesses the strengths and weaknesses of the existing Dimensions system and how it can complement a new regional center. The next phase will be to narrow down a list of possible locations in central Prince George’s, which now includes a mix of public land near Metrorail stations as well as private land, he said.

The hospital is expected to become a significant employment center, Himler said.

“Where there are major medical facilities, offices grow up around them adding to the jobs,” said Himler, who said retail shops and restaurants also typically locate nearby.

Once a site is chosen, possibly by late fall, he said, the county can apply, probably in the spring of 2013, to the Maryland Health Care Commission for a certificate of need, an eight- to nine-month review process.

Once approved, the project could start construction by the first quarter of 2014, he said.

The county’s current medical system — which includes Prince George’s Hospital Center in Cheverly, Laurel Regional Hospital and the Bowie Health Center, all managed by Dimensions Healthcare System — has been losing money for years because of the large number of uninsured patients in the county.

Part of the report will include the results of a survey of 1,000 residents by the University of Maryland School of Public Health in College Park about what residents would like to see in a county health system.

The medical system, meanwhile, is working on refining its market projections to determine the size and scope of the new center, Himler said.

Chase Brexton Health Services expands in Howard County

Chase Brexton Health Services has signed a lease expansion for a total of 13,394 square feet at the Columbia Medical Campus, according to CBRE, which represented the landlord, ACC Columbia Medical Campus.

Chase Brexton, a nonprofit health services provider, is adding 5,273 square feet at 5500 Knoll N. Drive, which is part of a two-building complex totaling 155,000 square feet at the intersection of Md. 175 and Md. 29 in downtown Columbia.

Two foreign firms take almost 25,000 square feet

St. John Properties of Baltimore announced that two international companies have signed to lease almost 25,000 square feet at Maple Lawn, a 600-acre mixed-use business community in Fulton.

Regus, a provider of workplace services, including fully furnished and equipped offices, signed a lease for 16,018 square feet. The company, with headquarters in Brussels, Belgium, will open an office at 8160 Maple Lawn Blvd., its sixth location in Maryland.

St. John previously announced that Elta North America, an Israeli technology company, will lease 7,500 square feet, with plans to expand to 25,000 square feet.

Maple Lawn, off Md. 29, is a mixed-use complex that includes office space, research and development/flex space, medical buildings, restaurants and retail space in a town center community. Plans for residential development include more than 1,300 units. A full-service hotel with conference center also is planned.

Only two floors available at Towson City Center

The new 12-story Towson City Center complex under construction has only two floors of space available for lease, according to Cassidy Turley, which is handling marketing of the property.

The 157,712-square-foot, class A redevelopment is scheduled for completion by July 1, when Towson University will take four floors totaling almost 58,000 square feet. The school is relocating research, graduate and technical offices and its radio station from its central campus.

Only the fifth and sixth floor remain available for lease, providing floor plates of about 12,000 square feet.

The complex’s owners, Caves Valley Partners and Mile One, will lease four floors.

Commercial real estate news items may be mailed to Robert Rand, The Business Gazette, 9030 Comprint Court, Gaithersburg, MD 20877; emailed to rrand@gazette.net; or faxed to 301-670-7183.