Matan Acquires 44 Acres on I-270 in Montgomery County, MD
8 January 2019
Matan Companies announced today the purchase of 700 N. Frederick Avenue in Gaithersburg, MD, a 44-acre property that directly fronts Interstate 270 at the Montgomery Village Avenue exit. Located next door to the newly constructed 300,000 square foot FedEx Ground facility and just south of the new Watkins Mill Interchange, the current Leidos campus is comprised of two interconnected office buildings totaling 538,916 square feet.
The site is strategically located along Interstate 270 and Route 355, 6 miles north of the beltway and 20 miles northwest of downtown Washington D.C. This “high-barrier-to-entry” Montgomery County location serves over 6.2 million residents in the Washington D.C. MSA, making it an excellent headquarters, biotech / lab facility, “last mile” distribution location, or a prime big-box retail site.
“With Leidos vacating in the near future the property represents a rare redevelopment opportunity in a severely supply constrained area,” said Mark Matan of the Matan Companies. “The limited to non-existent supply of large 270 land tracts, coupled with the new Watkins Mill Interchange, make this site attractive across user types.”
Matan Companies would like to thank JLL’s Jim Molloy who led the team handling the sale on behalf of the seller, Leidos, Inc, and JLL’s Pete Briskman who handled the tenant lease.