Rockville, Maryland – Cushman & Wakefield announced today that the real estate services firm arranged a long-term, 93,400-square-foot lease for Tetracore at 77 Upper Rock in Rockville, Maryland. The tenant, a biotechnology research and development organization, will occupy the third, fourth and fifth floors of the property, as well as space on the lower level
A Cushman & Wakefield team of Ben Powell and Gwen Fraker represented the owner and landlord, Salt Lake City, Utah-based Bridge Investment Group, in the transaction.
“Montgomery County is seeing explosive growth in the life science market, which Bridge Investment Group has been able to capitalize on,” said Powell. “Vacancy rates in the life science market have hit an all-time low and we saw this deal as an opportunity to create tremendous value for the owner. Recent renovations have allowed parts of this traditional office building to be converted into a modern, luxury, best-in-class life science space. This lease, along with other recently completed life science deals, brings the building to 96% occupancy.”
77 Upper Rock is a 235,210-square-foot, eight-story property that recently underwent renovations resulting in an upgraded lobby, conference room and fitness center. The asset also features a tenant lounge, outdoor communal areas, on-site food options, a game room and a parking garage.
“Whether life science or office space, Bridge is leading the way in creating work environments that help companies attract and retain talent. 77 Upper Rock is yet another example of first-class operational execution by our entire team and partners,” said Brian Tretinik, managing director for Bridge who leads acquisitions and asset management for the Washington DC region.
The property is surrounded by many dining and retail establishments within walking distance. Minutes away from the interchange of Shady Grove Road and I-270, the transit-oriented location allows direct access to downtown Washington, D.C.
A photo of the asset can be downloaded here.