HFF closes $14.2M sale of biotech building in Maryland’s DNA Alley

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today the sale of 50 West Watkins Mill Road, (bottom right photo)  a 57,410-square-foot biotech building in Gaithersburg, Maryland.

HFF senior managing directors Jim Meisel (top right photo)  and Dek Potts (middle left photo)  and senior real estate analyst Jimmy Barter led the investment sales team on behalf of the seller, Moore & Associates, Inc.

BioMed Realty Trust purchased the property for $14.2 million all cash. HFF sold the adjacent property, 55 and 65 West Watkins Mill Road to BioMed in February 2010, and most recently represented BioMed in their purchase of the Venter Institute in Rockville, Maryland.

Located within the Bennington Corporate Center, 50 West Watkins Mill Road is located in the Interstate 270 corridor, more commonly known as “DNA Alley” in Gaithersburg. The property is fully leased to GeneLogic, a subsidiary of Ocimum Biosolutions.

“This sale made sense for Moore & Associates, Inc., given they sold the neighboring property, 30 West Watkins Mill Road, several years ago,” said Meisel. “BioMed has been active in acquiring biotech buildings in the I-270 corridor and this purchase of yet another outstanding Class A property fits well in their portfolio of Maryland assets.”

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. BioMed acquires, develops, owns and operates laboratory and office space.

Contacts:

James A. Meisel, HFF Senior Managing Director(202) 533-2500, jmeisel@hfflp.com
 Stephen 'Dek" Potts, HFF Senior Managing Director, (202) 533-2500, dpotts@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com