Velocis planning life science/lab space conversion in Rockville
July 27, 2022Velocis, a Dallas-based private equity real estate manager, acquired the two-building Research Square at 1500 & 1550 Research Blvd. in the Shady Grove submarket of Rockville in a joint venture with Arlington, Virginia-based Altus Realty.
The acquisition includes 89,640 square feet of office space across two buildings on 7.45 acres, just west of Interstate 270. The Shady Grove submarket is the most sought-after biotech cluster within Maryland’s nationally recognized life science market. The traditional office space will be converted to life science and lab space, with construction scheduled to begin in January 2023.
This submarket consistently ranks as one of the top life sciences clusters in the U.S. The region is home to the headquarters of many distinguished national public health research and regulatory agencies including the National Institutes of Health (NIH), US Pharmacopeia, the Biomedical Advanced Research and Development Authority (BARDA) and the U.S. Food and Drug Administration (FDA), to name just a few.
