MacKenzie Brokers Lease for RRD International to Satisfy Emerging Hybrid Work Model
Product development company serving biopharmaceutical industry expected to relocate to 155,000 square foot 700 King Farm Building in Rockville, Maryland this fall.
MacKenzie Commercial Real Estate Services, LLC has brokered a lease with RRD International, LLC for 9,909 square feet of space at 700 King Farm Road, a six-story, 155,000 square foot commercial office building situated in the Rockville section of Montgomery County, Maryland. The product development company, which services the biopharmaceutical industry, expects to relocate to the building this fall. Allison Perry, Real Estate Advisor and Adam Nachlas, Senior Vice President for MacKenzie Commercial Real Estate Services represented the tenant and Megan Williams, Senior Director and Peter Rosan, Executive Director of Cushman & Wakefield represented the landlord, Banyan Street Capital, in this lease transaction.
Since its founding in 2002, RRD International has worked with more than 100 biopharmaceutical and investment partners across all major product classes and therapeutic areas. RRD has generated more than $2.5 billion in deal value for its partners, in addition to helping transform numerous early-stage product candidates into holistic development programs. In the fall of 2020, the company was acquired by Uniphar, an international diversified healthcare services group headquartered in Dublin, Ireland, but continues to operate independently as a wholly owned subsidiary.
“RRD International is thriving but, similar to many companies emerging from the healthcare crisis, executed a thoughtful real estate pivot in response to the emerging hybrid work model preferred by its employees,” explained Allison Perry of MacKenzie Commercial Real Estate Services. “With a significant number of company employees transitioning to a remote work posture and future plans for shared workspaces RRD required a smaller, more efficient arrangement. This right-sizing of its space provides a highly cost-effective solution to the situation while also maintaining the workplace culture that is so important to the company.”
700 King Farm Road, also known as Irvington Centre, is part of The District at King Farm, a 430-acre mixed-used community situated near Interstates 270 and 370 (Intercounty Connector). The Shady Grove Metro Station is less than one mile from the site, downtown Bethesda is approximately 10 miles away and Washington, D.C. is located approximately 20 miles from the business community. A number of quick-serve, fast-casual and fine dining restaurants are nearby including several in the park.
“Irvington Centre is a high-profile building that reflects the tremendous energy and momentum of RRD International, and this asset defines the upscale image the company was seeking in its office relocation,” added Perry of MacKenzie Commercial Real Estate Services. “The location strategically places the company in the midst of the life sciences corridor, and additional high-end on-site amenities are set for delivery this fall.”
MacKenzie Commercial Real Estate Services is the real estate brokerage arm of The MacKenzie Companies, which operates six full-service divisions addressing all real estate asset classes including MacKenzie Management Company, LLC, MacKenzie Contracting Company, LLC, MacKenzie Capital, LLC, MacKenzie Investment Group and Datastory Consulting. The company provides customized real estate solutions for institutional owners, investors, private companies and individuals. For additional information, visit www.mackenziecommercial.com
