Montgomery County Public Schools has signed a long-term lease for 161,500 square feet at 750 Progress Way in Gaithersburg, securing a major new operational footprint along the I-270 corridor.
According to the Washington Business Journal, the 10-year lease will cost approximately $43 million, including buildout expenses for the modern warehouse space. The lease begins in July 2026 at a monthly cost of $245,615, totaling about $29.5 million over the initial term. Board of Education documents show the agreement includes renewal options that could extend the lease for an additional 10 years.
MCPS is also expected to invest an additional $13 million from its capital budget to build out the interior space as a warehouse. Partial occupancy is targeted for September or October of next year.
The lease completes full occupancy of Matan Companies’ 44-acre life science and industrial campus fronting Interstate 270. The campus consists of two Class A buildings totaling nearly 400,000 square feet at 700 and 750 Progress Way.
Matan Companies announced that the MCPS lease finalized the leasing of the entire campus, joining previously announced tenants AstraZeneca, which signed a full-building 198,000-square-foot lease at 700 Progress Way in December 2023, and Daikin Comfort Technologies Distribution, Inc., which leased 36,145 square feet at 750 Progress Way in May 2024.
Matan officials highlighted the strategic location and flexibility of the campus, which sits between the Montgomery Village Avenue and Watkins Mill interchanges and offers features such as 32-foot clear heights, dock and drive-in loading, EV charging stations, and adaptable configurations for a wide range of users.
The new MCPS facility is expected to serve as a modern, efficient operational hub supporting the school system’s mission across Montgomery County.
