Office/Lab Building Tenant Renews and Expands

KENSINGTON, MD-Long-time tenant Advanced Bioscience Laboratories signed an eight-year lease for 50,100 sf in the office/laboratory building at 5516 Nicholson Lane The firm increased its space at the 100,000-sf property by about 13,100 sf.

Financial terms of the lease are not being disclosed; however, industry sources indicate that such a unique property–one with both office and high-end lab space–could fetch about $30 per sf on the open market. Jim Kibbe Jr. of Transwestern Commercial Services represented building owner Lake Waverly Associates. For Advanced Bioscience, the new lease agreement constitutes its second large expansion at the property, Kibbe tells GlobeSt.com. The company has been a tenant since 1983, starting out with 14,000 sf and expanding to 37,000 sf around 1987.