Stonebridge announced today that it has selected Transwestern to lease its first purpose-built lab development – EvolutionLabs at Washingtonian – a two-building, 250,000-square foot-project at 9713 Washington Boulevard. The first 150,000-square-foot, six-story building will break ground this fall and be ready for tenant construction in winter 2024. The second 100,000-square-foot building is expected to start construction in 2024. The Washingtonian project is a joint venture between Stonebridge and Principal Real Estate Investors.

“Deep expertise in life sciences combined with extensive market knowledge makes Transwestern the perfect partner for our first purpose-built lab development,” said Kent Marquis, a Principal with Stonebridge. “The team brings decades of experience and relationships to target and attract life science tenants to EvolutionLabs at Washingtonian.

Transwestern’s Phil McCarthy, Keith Foery, Guy Copperthite, and Mark Boyce will lead the leasing efforts with Peter Conte of Bay Area, pairing local market expertise with the national reach and dedicated resources of the company’s Life Sciences Advisory Group.

“EvolutionLabs will transform Montgomery County’s life sciences landscape,” said Boyce, a Senior Vice President at Transwestern. “We are proud to partner with Stonebridge to bring this exciting project to life.”

Stonebridge has retained Cannon Design Life Sciences team as the project’s architect and Clark Construction will serve as the general contractor.

 About Principal Real Estate Investors – Principal Real Estate Investors is the dedicated real estate investment group within Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. As a top 10 global real estate manager[1], Principal Real Estate Investors has more than 60 years of real estate investment experience[2]. The firm’s capabilities span the spectrum of public and private equity and debt investments, and it manages or sub-advises $105 billion in commercial real estate assets (as of December 31, 2021).

About Stonebridge – Stonebridge is a privately held real estate investment and development firm based in Bethesda, Maryland which focuses primarily on developing mixed-use properties in the Washington, DC metropolitan region. During the past twenty years, the principals of Stonebridge have been involved in the acquisition, development, joint venture, financing and disposition of real estate assets in the Washington area exceeding $6.0 billion in value.

[1] Managers ranked by total worldwide assets (net of leverage, including contributions committed or received, but not yet invested, REIT securities are excluded), as of 30 June 2021. “The Largest Real Estate Investment Managers,” Pensions & Investments, 4 October 2021.

[2] Principal Real Estate Investors became registered with the SEC in November 1999. Activities noted prior to this date were conducted beginning with the real estate investment management area of Principal Life Insurance Company and, later, Principal Capital Real Estate Investors, LLC, the predecessor of Principal Global Investors Real Estate.

Contacts:

Kent T. Marquis marquis@stonebridge.us.com

Guy Copperthite Guy.copperthite@transwestern.com