Matan Companies Inks 162K SF With Maryland Public School System

Matan Companies has fully leased another property in Maryland, less than a month after securing full occupancy at one of its industrial campuses in the region.

The Frederick, Md.-based developer inked a 161,500-square-foot lease with Montgomery County Public Schools (MCPS) at 700 Progress Way, part of a two-building life sciences and industrial complex in Gaithersburg. MCPS will share the campus with fellow tenants AstraZeneca and Daikin Comfort Technologies, though it was not immediately clear how the school system plans to use the property. A spokesperson for MCPS did not immediately respond to a request for comment. 

“The diversity of best-in-class occupants — AstraZeneca in life sciences, Daikin in advanced HVAC distribution, and now Montgomery County Public Schools — demonstrates the incredible flexibility and strategic location of these assets along the I-270 corridor,” James Matan, Matan Companies director of leasing, said in a statement. 

Matan is a family-run firm with more than 7 million square feet of industrial, life sciences and office assets and 15 million square feet in the pipeline, particularly focused on the DMV. That includes Crossroads Industrial, a nearly 220,000-square-foot distribution facility in Stafford, Va., which transport and logistics company DSV fully leased in November. 

The landlord and developer has also engaged in build-to-sell projects in the area, such as its $69 million sale late last year of Redstone Industrial Park, a 242,000-square-foot, two-building complex in Manassas.

Nick Trombola can be reached at ntrombola@commercialobserver.com.