Clinical Research Group Expands Presence in Maryland’s Life Sciences Corridor
By Nick Trombola April 15, 2024 12:40 pm
reprints
Yet another life sciences tenant is expanding its footprint in Maryland’s Interstate 270 tech corridor.
Clinical research group Precision for Medicine renewed and expanded its lease at Riverside Tech Park in Frederick, Md., according to landlord St. John Properties. The company will now occupy just over 41,000 square feet at the newly constructed flex and research and development building at 8440 Broadband Drive, bringing its total presence at the tech park to over 116,000 square feet.
The landlord declined to disclose the brokers of the lease along with other details of the deal.
Baltimore-based Precision for Medicine has leased space in Frederick from St. John’s since 1999 and has occupied the 75,000-square-foot building at 8425 Precision Way in the tech park since 2006.
“Life science companies such as Precision for Medicine remain among the leading economic drivers in Frederick and throughout the I-270 Corridor, and we are fortunate to have many such clients in our Maryland portfolio, which takes advantage of a strategic location and access to a highly trained workforce,” Matthew Holbrook, St. John Properties’ regional partner for Virginia and central Maryland, said in a statement.
The 70-acre Riverside Tech Park is in the heart of the mid-Atlantic’s life tech and life sciences corridor, adjacent to both the National Cancer Institute and Frederick National Lab for Cancer Research. It’s also within two miles of Fort Detrick, one of the leading medical research facilities for biological defense.
Demand is clearly growing for space at the business park. St. John Properties finished constructioPrecn on 8440 Broadband, along with its twin at 8450 Broadband Drive, in January. The buildings join 12 others developed there to date, totaling 750,000 square feet that’s 96 percent occupied.
Precision for Medicine joins biotechnology developer and manufacturer BioFactura in signing a new renewal and expansion lease at the business park. BioFactura tripled its space there earlier this year, tacking on 12,000 additional square feet for advanced development of its smallpox therapeutic.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
