Mission Critical Life Science Property Purchased by TechCore
SAN FRANCISCO, CA, December 11, 2014 – GI Partners today announced that it has completed the acquisition of 9911 Belward Campus Drive located in Rockville, Maryland. The acquisition was made through TechCore, LLC (“TechCore”), which is a $1 billion discretionary core real estate fund managed by GI Partners.
9911 Belward Campus Drive is a life science facility comprised of 290,000 square feet developed in 2005 along the Interstate 270 corridor in Maryland, commonly referred to as ‘DNA Alley’, 20 miles northwest of Washington D.C. The property is fully leased on a long-term basis by a leading multinational pharmaceutical company with investment-grade credit.
“We are very pleased to own 9911 Belward, an institutional-quality property with state-of-the-art life science improvements,” commented Mike Armstrong, Vice President of GI Partners. “The facility’s location in one of the nation’s largest biotechnology clusters, coupled with its robust infrastructure make it an attractive property for life science and biotechnology use.”
TechCore was formed in early 2012 to acquire technology-advantaged properties, including data centers, internet gateways, corporate campuses for technology tenants, and life science properties located in core MSAs and leased to industry leading tenants. Since inception, TechCore has acquired over 2.7 million square feet of mission critical data center, life science, and office properties throughout the United States.