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Asking Price Contact for pricing
NOI Net Operating Income N/A
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Key facts

Building Area Net

Property description

Jones Lang LaSalle, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for the sale of 20301 Century Boulevard located in Germantown, MD.  This 49,501 RSF asset is 100% leased to Thermo Fisher Scientific on a triple net basis through March 2026 at rents that are less than half the current market rent. Thermo Fisher Scientific (NYSE: TMO) offers an investment grade credit rating of Baa1/BBB+ and trades on the New York Stock Exchange with a market capitalization of ~$215 billion. Thermo Fisher Scientific has been a tenant at the Property since 2003 and uses the facility as a clinical repository servicing multiple commercial and federal contracts. 

 

The Maryland life science market boasts a vacancy rate of only 2.5% as of Q2-2021 and has experienced over 30% rent growth since 2018. With over 1.5 MSF of tenant demand and limited supply additions on the horizon, life science rents are expected to continue experiencing robust growth for the foreseeable future. 

 

Germantown is one of Maryland’s most rapidly evolving life science clusters and has seen life science rents double over the course of the pandemic.  20301 Century Boulevard furthermore offers significant developable density, allowing an investor to capture additional tenant demand by way of new construction or expansion of the existing premise. 

 

Accordingly, 20301 Century Boulevard represents a compelling value-add life science investment opportunity in Maryland’s fastest growing life science cluster. 

Investment highlights

·        100% leased to Thermo Fisher Scientific on a triple-net basis through March 2026

·        Thermo Fisher is a Fortune 100, investment grade company (Baa1, BBB+) that trades on the New York Stock Exchange with a ~$215 BN market capitalization

·        Maryland life science rents are up over 30% since 2018 and market vacancy is only 2.5% → Strong tenant demand outweighs new supply presaging continued robust rent growth

·        Germantown is in the path of growth for life science tenants and had its life science rents double over the course of the pandemic to the upper $30s NNN

·        Thermo Fisher’s in-place rent is less than half the current market rent, enabling an attractive mark-to-market opportunity upon lease expiration

·        The site includes significant additional density allowing an investor to capitalize on strong life science tenant demand

·        Property is offered free & clear of debt enabling a buyer to take advantage of today’s attractive financing environment


Last Updated Date: 30 Sep 2021
David Baker
David Baker
Director, Capital Markets
Broker Licenses
DC-SP98379962 MD-645831 VA-0225228839
Jim Meisel
Jim Meisel
Senior Managing Director, Washington, D.C. Office Co-Head
Broker Licenses
DC-SP100478 MD-521313 VA-0225049461

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Last Updated Date: 30 Sep 2021

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