Growing life science market fuels sale of Rockville buildings
JLL Capital Markets secured equity for purchase of 5640 Fishers Lane and 12441 Parklawn Drive; former NIH/NIAID labs will be repositioned into Class A life science space
WASHINGTON, D.C., December 22, 2020 – JLL Capital Markets announced today that it has completed an equity raise for the acquisition of 5640 Fishers Lane and 12441 Parklawn Drive, two lab buildings totaling 74,500 square feet in Rockville, Maryland.
JLL arranged the joint venture equity partnership between GlenLine Investments and Singerman Real Estate for the acquisition, the first of a programmatic joint venture between the firms focusing on life science opportunities in the Suburban Maryland market. GlenLine and Singerman intend to implement a significant capital improvement plan to reposition the buildings into Class A lab space, with an anticipated delivery starting in second quarter 2021.
5640 Fishers Lane and 12441 Parklawn Drive are positioned at the epicenter of the United States’ response to the COVID-19 pandemic, immediately adjacent to the National Institute of Allergies and Infectious Disease (NIAID) headquarters and located within a cluster of public and private sector life science and pharmaceutical institutions. The project has tremendous vehicular and transit connectivity to the greater Washington, D.C. metro area via Interstate 270 and the Capital Beltway and is located one block from the Twinbrook Metro station (Red Line) and numerous walkable amenities.
Recently vacated by NIAID, who had occupied the properties since delivery and invested significantly in reusable infrastructure, the buildings will be reimagined into state-of-the art, Class A lab buildings well-positioned within the 4th largest life science market in the US.
The JLL Capital Markets team was led by Senior Managing Directors Jim Meisel and Andrew Weir, Managing Director Matt Nicholson and Director Dave Baker.
JLL Senior Vice President Danny Sheridan and Managing Director Amanda Davis have been retained by GlenLine and Singerman to provide agency leasing advisory services.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
GlenLine Investments is a privately held real estate investment firm headquartered in Bethesda, Maryland, formed in 2019 by Scott Nudelman and backed by two 3rd generation Washington real estate family companies (Minkoff Development and Fred Schnider Investment Group). GlenLine’s primary focus is the acquisition and active asset management of infill industrial, flex, life science and office properties with long-term value and optionality for repositioning or redevelopment. The team is currently focused on the Washington/Baltimore metropolitan area, with Atlanta, GA, and Boston, MA as additional target markets.
Since inception, GlenLine has acquired over 600,000 square feet across five projects with aggregate redevelopment potential in excess of 1 million square feet.
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About Singerman Real Estate
Singerman Real Estate, LLC (“SRE”) is a value-driven real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including industrial, life science, office, hospitality, retail and multifamily, in addition to secondary real estate asset classes. Since 2010, SRE has sourced and executed, with partners, over $3.2 billion of investments across the major property types, including over $400 million of investments (over 1 million SF) of life science properties.
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