O wners , D evelopers & M anagers F eaturing C ontractors & S ubcontractors
M id A tlantic Real Estate Journal — Section C
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Real estate investment firm launches Progress Labs along the I-270 Corridor Matan Companies to deliver 2 million s/f of spec bio mfg. ready space fromRockville to Frederick
HI-LIGHTS January 22 - Feb. 18, 2021 livery of over two million s/f of new bio manufacturing ready space along the I-270 Corridor, between NIH in Bethesda and Fort Detrick in Frederick. The six proposed projects, one exist - ing and five developments, all being marketed under the Prog - ress Labs brand, include sites in Rockville, Gaithersburg, Germantown and Frederick and begin delivering in June 2021. Matan has committed over 200 acres of zoned land to F REDERICK, MD — The Matan Compa- nies plans for the de -
Labs, conversely, is a ground up approach that will offer new, speculative flexible assets that can accommodate a wide range of bio users and their supply chain. By delivering these as - sets spec, Matan plans to slash the lead time associated with most bio developments. Having delivered several high-profile biotech facilities along the I-270 Corridor, in - cluding the 320,000 s/f NCI Frederick National Lab and the 120,000 s/f US Vaccine Pi - lot Plant, Matan understands the specialized nature of these facilities and is trying to strike a balance between speed to market and the flexibility to ac - commodate these users and the companies that support them. “Our in-house Development Team understands the tailored process involved with these fa - cilities and has the experience
working side-by-side with the end user and local officials to deliver these projects on time and on budget,” said Mark Matan . Matan’s shell deliver - ies will be universally ready for the majority of bio users to commence their specialized interior work. Each of the newly construct - ed buildings will be delivered with necessary “manufactur - ing ready” features. The 30’ minimum clear ceiling height, optimal column spacing, and slab rating will broadly ac - commodate manufacturing equipment and allow for the installation of mezzanine space as may be needed. With utility mains sized for bio manufac - turing and designated outdoor utility and equipment yards, the buildings offer true maxi - mization and efficiency for the build out. MAREJ
Progress Labs
make Progress Labs a reality. “We have seen a noticeable uptick in the demand for bio - tech manufacturing and sup - port space in the I-270 Corridor, even before the pandemic,” said Matan principal Mark Matan . “What has become clear during the pursuit of these opportuni - ties is that there is very limited
or no new inventory, prompting our decision to move forward with these projects ahead of the arrival of an end user.” Currently the market offer - ings are focused around con - verting empty office buildings into lab space, however, this strategy has major limitations for many bio users. Progress
Contributing Columnists:
Greysteel arranges the sale of 80,000 s/f GBA development project in Washington, DC
Lisa Shull, Bennett Williams
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Kyle Tangney
Ben Wilson
Herb Schwat
Ian Weisz
WASHINGTON, DC — Greysteel , a national commer- cial real estate investment ser- vices firm, represented Seller and solely procured the buyer in this transaction. The transaction was led by Greysteel sr. managing direc - tor, Kyle Tangney , senior director, Ben Wilson , director, Herb Schwat and senior as - sociate, Ian Weisz of the firm’s Washington, DC office.
Jeffrey A. Clayman, CPA, JD, LLM-Tax, Withum
5702-5712 Georgia Ave. in the path of progress along the northern section of the Pet - worth submarket, which has broken the $4 psf threshold in newly constructed four and five- star apartments. "As one of the last, scalable development sites on Geor -
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gia Ave, the site attracted plenty of investor attention," said Greysteel Tangney. "We congratulate our clients on the sale and the buyer on the purchase and look forward to the forthcoming development project." MAREJ
The development side offers a permitted total buildable square footage of approximately 80,000 s/f situated at 5702-5712 Georgia Ave., NW, Washing - ton, DC. The neighborhood is located in Ward 4 of Northwest Washington, DC and is situated
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