Velocis purchases office space in JV with Altus Realty, plans life science/lab space conversion
Velocis with its partner Altus Realty has purchased the two-building Research Square at 1500 and 1550 Research Blvd. in the Shady Grove submarket of Rockville, Md.
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 a sought-after biotech cluster within Maryland’s nationally recognized life-sciences market. The traditional office space will be converted to life sciences and lab space, with construction scheduled to begin in January 2023.
“The Shady Grove life science submarket currently has less than 1 percent vacancy rate, indicating that demand far outweighs supply,” said Mike Lewis, Velocis partner. “Existing lab product in the area rarely becomes available, so there are limited conversion opportunities available. This is due to building constraints and/or existing tenant encumbrances. There are also limited approved life science sites available for ground u