GAITHERSBURG, MD–Rock Creek Property Group has secured a full-building lease at 700 Quince Orchard Rd., in Gaithersburg's Firstfield Life Science Cluster with Supernus Pharmaceuticals. The 119,000 square feet of lab and office space will serve as headquarters for Supernus, a publicly traded company that specializes in therapies for central nervous system diseases.
This was the first time the pharmaceutical company signed on with Rock Creek, Principal Andy Glick, tells GlobeSt.com. The company was headquartered in Rockville in about 65,000 square feet. “Their lease was coming up and they wanted to increase their space.” Supernus hired Scheer Partners to represent them in the search and Rock Creek Property Group tapped Edge Commercial.
Rock Creek and Woodside Ventures acquired 700 Quince Orchard Rd. in 2015 from the tenant that originally occupied the building and that was planning to move. It also acquired the contiguous property from Alexander Real Estate Equities and then rezoned the property for mixed use to allow residential to be developed there as well. “Our plan is to create a live-work community with 150 townhouses along with this office building,” Glick says.
Rock Creek is currently negotiating a contract with a national townhouse builder for that part of the development.
As for the empty office building, the class C property will undergo a complete renovation to convert it into Class A lab and office space with a first floor indoor parking structure.
Supernus Pharmaceuticals is currently located at 1550 E. Gude Dr. , where it occupies 44,500 square feet of laboratory and office space, plus about 20,500 square feet of office in an adjacent building. They will move into the new building when it delivers in mid-2019.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
