Matan Companies Signs 198,000 SF Full-Building Lease with AstraZeneca at 700 Progress Way in Gaithersburg, MD

5 December 2023

Matan Companies, a leading real estate development and investment firm, announced today the successful execution of a full-building lease agreement with AstraZeneca, a global, science-led biopharmaceutical company, for 198,000 square feet at 700 Progress Way in Gaithersburg, Maryland.

This significant lease transaction further strengthens Matan Companies’ commitment to providing high-quality, cutting-edge facilities for innovative organizations in the life sciences and industrial sectors.

“We are excited to welcome AstraZeneca to our portfolio and to have the opportunity to support their work in advancing healthcare solutions,” said JP Matan, Director of Leasing for the Matan Companies. “AstraZeneca’s decision to choose 700 Progress Way for its operations reinforces the property’s strategic location within the Montgomery County life sciences corridor and the flexibility of the buildings to accommodate everything from cGMP to distribution.”

700 Progress Way is part of a recently delivered 44-acre life science and industrial campus that directly fronts Interstate 270 between the Montgomery Village Avenue and Watkins Mill interchanges in the heart of Montgomery County. The campus consists of two 198,000 square foot Class A industrial/life science buildings along with retail pads fronting Route 355. There is 198,000 square feet still available for lease in an identical building parallel to AstraZeneca’s at 750 Progress Way. Offering 32’ clear ceiling height, 50’x52’ column spacing, 50 dock doors, 200’ truck court, and 367 parking spaces including 12 electric vehicle charging stations, 750 Progress Way is an ideal location for any distribution, manufacturing, warehousing, logistics, or life sciences company.

Matan Companies was represented by James Matan and AstraZeneca was represented by Kevin Reap of CBRE.