AstraZeneca's Lease at 700 Progress Way Awarded 'Best Maryland Lease'
1 May 2024
BIZJOURNALS.COM - AstraZeneca PLC made one thing clear in 2023: It’s committed to Montgomery County.
The British pharmaceutical giant took over a full building at 700 Progress Way in Gaithersburg in the fall, nearly two years after first touring the space.
The deal, valued at $65.4 million, armed AstraZeneca with 197,645 square feet for manufacturing and distribution.
It also solidified the company’s presence in suburban Maryland, where it already maintains a massive campus. The company employs more than 4,300 people at that nine-story, 1.27 million-square-foot campus less than three miles away.
The new building is part of a 44-acre site off Interstate 270 between Montgomery Village Avenue and Watkins Mill Road that Matan Cos. acquired in 2019. Government contractor Leidos formerly occupied the space.
AstraZeneca inked the lease in October 2023, only after Matan set out to develop it for a large ecommerce group’s distribution center. When that fell through, Matan pivoted to redevelop the space for biotech.
Now, AstraZeneca is poised to make significant investment in the building — and its local footprint, after establishing a separate Rockville manufacturing hub at 9950 Medical Center Drive to the tune of $300 million.
AstraZeneca entered Greater Washington when it bought Gaithersburg’s MedImmune in 2007 for $15.6 billion. The company became AstraZeneca’s R&D division, helping to shape Montgomery County into a biotech hub with, too, a network of industry alumni further fueling that growth. The company retired the MedImmune brand in 2019 but has maintained its former headquarters.
AstraZeneca lease
- Address: 700 Progress Way, Gaithersburg
- Tenant: AstraZeneca PLC
- Landlord: Matan Cos.
- Tenant rep: Kevin Reap, CBRE
- Landlord rep: James Matan, Matan Cos.
- Size: 197,645 square feet
- Signed: Oct. 27, 2023
Click here to read the full story at bizjournals.com
Share ThisTwitterFacebookLinkedInEmailCopy Link Share