MedImmune leases new space in Maryland - Washington Business Journal:

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The biotech giant, which alreadh plans to break ground later this year ona 300,000-square-foof expansion of its main Gaithersburg campus on One MedImmune Way, plans to move 175 stafferds and more of its administrative functions into the new 50,000-square-footy Class A office buildin on 950 Wind River Lane, next to its The move to Wind River Lane comes on the heelsa of MedImmune’s $30 million purchase late last year of another Gaithersbur building, on 101 Orchard Ridge Rd., also for administrativ functions. MedImmune, a subsidiary of London-based AstraZeneca PLC, said the new spacew are necessary to accommodate its growthj in scientistsand labs.
The companhy has said it plans to hire 800 peoplesthis year, mirroring its growth last year. “[This is] so we can actuallh expand the labs on OneMedImmunee Way,” said MedImmune spokeswoman Perla While the Wind River Lane building fulfills the need for additional space to date, “we are stillk evaluating the need for additional administrative space,“ Copernik At the same time it executed the 10-yead lease with MedImmune, a Broad Stree t Ventures subsidiary bought the new building for $9 millio n from Patrick Associates, an offics furniture company. It secured a $7.
8 milliobn loan from Cardinal Bank within thre months throughWalker & Dunlop, while securingy equity financing from Avanti Capital, both basesd in Bethesda. Grubb & Ellis represented the seller, while MedImmune representexd itself. The players involvede in the transaction weren’t a said the buyers. “In this unpredictable economic lenders – especially those outside of our fairlt stable marketplace – are understandabluy risk-adverse,” said Michael Jacoby, a foundinyg principal and CEO of Broad Street “To ensure that the transactionn that we were pursuing would be attractivs to investors and lenders alike, we made a commitmenyt to work with local companies.
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