TwinLabs in Rockville Fills Up With Four New Tenants
By Keith Loria November 5, 2021 10:19 am
reprints
The first phase of TwinLabs, a life sciences complex in Rockville, Md., has been fully pre-leased, with four companies taking the entire 25,000 square feet of space, according to JLL, which is handling leasing for the property.
A joint venture between Bethesda, Md.-based GlenLine Investments and Singerman Real Estate of Chicago is redeveloping two buildings adjacent to the National Institute of Allergy and Infectious Diseases HQ into Class A lab space, after making major capital improvements. The duo acquired the 74,500-square-foot asset in 2020.
The four companies that will move to the building in November are plant biotech company 22nd Century Group, biopharmaceutical company IO Biotech, researchers ResInnova Labs and energy company Liatris.
The four leases range from 4,500 to 8,000 square feet. No other lease details were provided.
“The appeal was first the timing, as it provided move-in ready lab space in a very high demand market,” Danny Sheridan, a managing director at JLL, told Commercial Observer. “Second, it provides an environment that offers Maryland’s only life sciences cluster with walkable amenities and access to Metro.”
Located at 5640 Fishers Lane, the building is situated in Montgomery County’s growing life sciences market.
“[The property] provides an urban life sciences solution in a quickly emerging life sciences cluster for tenants who are looking for a more urban, less suburban feel, which is very attractive for both recruiting and retention,” Sheridan said.
The developers are fully underway with the construction of phase 2 of the project at 12441 Parklawn Drive. This will include five spec suites on the second floor totalling 25,000 square feet and space on the first floor that can accommodate one 25,000-square-foot tenant. Phase 2 is slated to deliver in spring 2022.
“Those suites will range from 2,600 to 9,000 square feet,” Sheridan said. “In addition, the first floor is delivering fully enhanced and lab-ready for tenant build-out.”
Keith Loria can be reached at Kloria@commercialobserver.com.
