20 Aug FROM VACANT OFFICE TO BUSTLING BIOTECH
(Rockville, Maryland – August 20, 2020) – 704 Quince Orchard, Gaithersburg, Maryland, an office to lab conversion success story, is now fully leased. Here is how we did it:
In early 2018, South Duvall’s tracking of venture capital funding showed an increased need for biotech-ready space for early-stage to medium-sized biotech companies in the I-270 corridor. These companies require between 3,000 SF – 7,000 SF and need move-in ready lab space, as opposed to converting space themselves. Seeing this demand on the horizon, South Duvall looked for conversion opportunities and invested in 704 Quince Orchard Road, an under-performing office building located across from the NIST campus in the Gaithersburg Life Sciences Cluster.
In less than a year following the partial interest acquisition, the building was transformed into a next generation lab building , equipped with cutting-edge amenities and serving as a community hub for biotech industry events. All five of the initial spec suites were pre-leased before the redevelopment was completed. The brokerage team created a diverse life science ecosystem at 704 Quince Orchard, including our inaugural life science tenant Cartesian Therapeutics, our full floor tenant Neuraly and our newest tenant, Novavax, which is working to discover, develop, and commercialize innovative vaccines to prevent serious infectious diseases, including COVID-19. Other life science tenants include: CareMetx, Cartesian Therapeutics, EliteImmune, EZBiome, Mimetas, miRecule, Remedy Plan, Steelyard Analytics, TeraImmune and VLP Therapeutics.
“We are pleased to expand our office space in Maryland to include the 704 Quince Orchard building. With its state-of-the-art lab facility and proximity to our other offices and labs, it’s a logical choice for Novavax as we continue our growth.” – John Trizzino, Executive Vice President, Chief Business Officer and Chief Financial Officer, Novavax.
“The success of 704 Quince Orchard proves that Gaithersburg, MD is a destination for growing life science and research companies. Scheer Partners did a great job managing the redevelopment of that building. They created a unique design to support recruiting and retention for their tenants and turned an under-performing office asset into a best-in-class biotechnology center.” – Tom Lonergan, Gaithersburg’s Assistant City Manager.
Special thanks to Scheer Partners who led the building’s leasing efforts and oversaw all construction and design, and property management services.
Looking to the future, South Duvall will be replicating this model of proven success locally and across the Mid-Atlantic, transforming struggling assets into performing facilities to serve the growing need for life science real estate.