New Real Estate for Baltimore’s Biotech Sector

Biotechnology1_1With four major buildings recently added to Baltimore’s west side, and more to come, one could say there is a bit of a real estate boom. Even more, the west side’s anchor tenant—the University of Maryland, Baltimore’s BioPark—is set to make another addition in the form of a 30 story, 300 unit modern apartment tower.

Though the designs are still preliminary, University President Jay Perman announced the project last month to a crowd gathered for his State of the University address. Perman expects the university to partner with a private development firm before break ground, though they have of yet made no partnership with private developers.

Other additions to the west side include a $200 million Proton center, slated to begin accepting patients in the winter of 2016, and a $305 million health sciences facility that broke ground last fall. The health sciences facility is set to be done in 2017.

The BioPark, which sits just west of the main campus of the University of Maryland, Baltimore (UMB), has over thirty tenant companies, with names such as Global Scientific Solutions for Health (GSSHealth), Harbor Bank, Human Research Protections Office, InstantLabs and Noxilizer, Inc.

As many already know, Baltimore has been drastically increasing its market value in the biotech and edtech industries. According to a survey conducted by Chief Executive Magazine, national CEO’s rated Baltimore as a “top 5” place to be in the biotech business, since “the state counts more than 33,000 bioscience jobs and more than 1,800 enterprises specializing in research and pharmaceuticals.”

For obvious reasons, the Baltimore real estate community has a lot to be excited about, since, in addition to the west side development, Michael Beatty of Beatty Development Group recently sold the Thames Street Wharf office building for $89 million. At $341 per square foot, Beatty’s sale set a Baltimore record

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