Clinical Research Firm Expands Office Footprint to 116 KSF
Precision for Medicine LLC has signed renewal and expansion leases totaling more than 116,000 square feet at Riverside Tech Park in Frederick, Md. St. John Properties Inc. owns the 70-acre business and R&D campus.
The clinical research company has been a tenant at Riverside Tech Park since 2006, where it currently occupies the entire 75,000-square-foot flex/R&D building at 8425 Precision Way for its clinical trials, patient biology and manufacturing services.
In addition, the company leased another 41,040 square feet at 8440 Broadband Drive, a newly developed building that finished construction this January and is expected to be fully functional this fall.
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Riverside Tech Park comprises 14 buildings totaling 753,560 square feet of flex/R&D space. Suite sizes range from 2,760 to 93,360 square feet, with clear heights between 16 and 18 feet. The property also features 30- by 30-foot column spacing and a parking ratio of 4 spaces per 1,000 square feet.
Currently, the park is 96 percent leased. Tenants include Lifeline Cell Technology, InVitro Care and CTR Laboratory, among others, according to CommercialEdge information.
Carrying the address 8415 Progress Drive within the Interstate 270 Technology Corridor, Riverside Tech Park is 2 miles from Interstate 70 and 3 miles from I-270. Downtown Frederick is 3 miles southwest, while Washington, D.C., is roughly 50 miles southeast.
A corridor breathing life into the area’s office market
More than 130 biotechnology and life science companies are situated inside the I-270 Technology Corridor, according to the Frederick County Office of Economic Development.
Among these is The National Cancer Institute, located less than 1 mile off Riverside Tech Park. Affinius Capital refinanced its headquarters building earlier this year with a three-year syndicated loan provided by Sumitomo Mitsui Banking Corp. and Commercial Bank of China Ltd.
Late last year, AstraZeneca signed a 198,000-square-foot lease at a newly constructed Class A industrial and life science building developed by Matan Cos in Gaithersburg, Md. The R&D campus is roughly 30 miles southeast of Riverside Tech Park.
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