GlycoMimetics, Inc. a clinical stage biotechnology company focused on the discovery and development of drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role, has signed a lease with BMR-Medical Center Drive LLC for the company’s future corporate headquarters space in Rockville, MD.
Under the lease, which will have an 8-year term commencing on November 1, 2015, Glycomimetics, Inc will lease 33,843 square feet of office and laboratory space and pay $607,500 in annual base rent, subject to annual escalation clauses, for all of the rentable area in the building at 9708 Medical Center Drive.
Peter Briskman and Chris Coccaro with JLL served as the tenant’s broker on this deal. Scheer Partners represented the landlord.
In September 2010, Scheer Partners reported that GlycoMimetics had signed a 14,500 square foot lease for laboratory and office space at 401 Professional Drive, a 60,000-square-foot building owned by Pasadena, CA-based Alexandria Real Estate Equities. At the time, the company was leasing 10,500 square feet at 101 Orchard Ridge Drive, which is also in Gaithersburg.
Glycomimetics, Inc will continue to incur rent expenses for its current headquarters in Gaithersburg, MD under its current lease that expires in October 2015.
Under the new lease, Glycomimetics, Inc will have the right to sublease or assign all or a portion of the premises, subject to conditions, and the lease may be terminated early by either the ;andlord or the company in certain circumstances.
The Medical Center Drive property is located along the I-270 Corridor in Montgomery County, also known as “DNA Alley”. The Maryland life science market is home to several large-scale federal government health agencies, including the Food and Drug Administration, the National Institutes of Health, the Department of Homeland Security and the National Cancer Institute, as well as several world-renowned universities and research institutes, including Johns Hopkins University, the University of Maryland and the Howard Hughes Medical Institute, and JCVI.