Longfellow Real Estate Partners extends to the I-270 corridor with the acquisition of 1 Keepa 191,000 square foot office building in Rockville, Maryland, according to the company.
Pricing was not disclosed, but a source familiar with the deal noted it was around $42 million.
Federal Capital Partners was the seller, having acquired the property in 2014 for $61.2 million.
This is the first entry into the Maryland market for Longfellow, which has a portfolio of more than 15 million square feet of life sciences space nationwide. The promoter will convert the building into a space dedicated to life sciences.
“The I-270 Corridor, also known as DNA Alley, has long been a hotbed of innovation and some of the nation’s top companies for life-changing discoveries,” Ben Sayles, managing director of Longfellow in the North East, told Commercial Observer. “Almost immediately, we will convert the office building into state-of-the-art laboratory space that provides the framework for life sciences and biotechnology companies to have the best innovative space for their employees and leaders.”
The company will make substantial upgrades to the building’s electrical and HVAC systems. It will also incorporate the company’s proprietary customer experience platform, ElevateTM, which incorporates personalized programming.
Longfellow has built an extensive portfolio in key markets such as Boston, San Francisco, San Diego and the Research Triangle of North Carolina. It is eager to enter the Maryland/Washington, DC market, one of the top five markets in the country, according to Sayles.
“What’s really exciting for us is the ability to offer tenants a complete building identity – that’s a real rarity in top markets like this,” he said.
Shaun Weinberg of Cushman and Wakefield represented the seller and procured the buyer in the transaction.
Requests for comment from Federal Capital Partners were not immediately returned.
Keith Loria can be reached at [email protected].