Gaithersburg-based Arcellx, a clinical-stage company which makes cell therapies for cancer and autoimmune diseases, will expand into Rockville after inking a deal to lease 60,000 SF at 800 King Farm Blvd., according to a Biz Journals report. It will be moving into “a roughly 215,000-square-foot office building that Miami-based Banyan Street Capital will convert into office and lab space for life sciences companies.” JLL Capital Markets announced in March that it arranged $38.5 million in acquisition financing for 805 King Farm Boulevard, a 240,000-square-foot office building known as District IV that is located within The District at King Farm in Rockville, MD.
Per the March press release: District IV is part of the recently rebranded District at King Farm, which is comprised of four assets totaling over 750,000 square feet of office and retail space. Banyan Street Capital had previously acquired a stake in 700, 702 and 800 King Farm Boulevard (District I, II, and III) in the summer of 2020. Banyan Street and BLT Green Hollow acquired 805 King Farm Boulevard in October 2021 through a deed-in-lieu proceeding following a purchase of the then existing loan from BBVA Compass. This acquisition marks the first deal closed in the newly formed BLT Green Hollow Fund.
The partnership will invest to reposition the asset through comprehensive lobby improvements and upgrades to amenities and foodservice offerings. The partnership plans extensive renovation across the District at King Farm, which will include additional interior and exterior amenities, building and lobby upgrades and enhanced programming. The District at King Farm is situated along King Farm Boulevard within the 430-acre, master-planned King Farm Park located near the Shady Grove Metro station, the ICC and the I-270 technology corridor. The project is surrounded by numerous shopping and dining destinations, such as Shady Grove Center, Rio at Washingtonian and Downtown Crown.
Featured photo courtesy of JLL