St. John Properties Attracts Two Companies, Representing Nearly 20,000 SF of Space, to Riverside Technology Park
FREDERICK, MD (November 10, 2011) – St. John Properties, Inc. has announced signing two leases representing nearly 20,000 square feet of Research & Development (R&D) and office space in Riverside Technology Park, a 488,000 square foot business community positioned at the intersection of Progress Drive and Monocacy Blvd. in Frederick, MD. AT&T Government Solutions Division signed a lease for 12,840 square feet of space at 8445 Progress Drive and Tox Path Specialists, LLC leased 4,500 square feet of space at 8420 Gas House Pike. Both companies are expected to be operational at Riverside Technology Park within the first quarter of 2012.
AT&T Government Solutions Division intends to relocate approximately 50 employees to the 81,240 square foot R&D/flex office building. Headquartered in Oakton, VA, the division provides network-enabled products and services to the federal government, integrating network resources and IT and software engineering expertise. The company is best known for its work in voice, data, video and managed services. AT&T selected the Riverside Technology Park location because of its corporate appearance and functionality and because it was in close proximity to a key government contractor. Andy Cole of CB Richard Ellis represented the tenant and Danny Severn of St. John Properties represented the landlord in this transaction.
To accommodate its rapid expansion from a start-up company to an industry-leading organization, Tox Path Specialists, LLC will move approximately 20 employees from the Technology Innovation Center in Hagerstown to the 93,360 square foot R&D/office/flex building at Riverside Technology Park. The biotechnology company, which specializes in pathology studies, supports companies and institutions developing pharmaceuticals, devices and therapies in nervous system research. Tox Path selected the Riverside location because of its immediate proximity to the National Cancer Institute’s (NCI) new 330,000 square foot state-of-the-art R&D facility, which is the nation’s only federally-funded R&D Center (FFRDC) for biomedical research and development. David Kaye of Tyler∙Donegan represented the tenant and Danny Severn of St. John Properties represented the landlord in this transaction.
Riverside Technology Park is a 44-acre business community located near the intersection of MD Route 26 and Interstate 70 in Frederick. It is comprised of six R&D/office/flex buildings that offer direct access to the Greater Baltimore, Washington, D.C. and Northern Virginia marketplaces. Together with its Center @ Monocacy business community, St. John Properties manages nearly 900,000 square feet of R&D/office/flex space in the Frederick region.
“These latest two leases are part of the growing leasing activity we are experiencing within our Frederick portfolio, and key fundamentals remain in place for additional absorption in the foreseeable future,” said Matt Holbrook, Regional Partner for St. John Properties, Inc. “Companies such as Tox Path recognize Frederick as an anchor of the I-270 Biotech Corridor with its proximity to Ft. Detrick and NCL. With its abundance of skilled workers, quality of life, availability of lower cost space, and lack of business personal property tax, Frederick is becoming a very attractive alternative to Montgomery County. Other companies, including AT&T Government Solutions, are choosing this area based on its suburban location, combined with direct proximity to our nation’s Capitol.”
St. John Properties, Inc., founded in 1971 as MIE Properties, owns and has developed more than 15 million square feet of R&D/flex, office, retail and warehouse space in Maryland, Colorado, Louisiana, Virginia and Wisconsin. For more information about the company, visit www.sjpi.com.
For more information, contact:
Al Cunniff, Director of Marketing, St. John Properties, Inc.