Leidos Sells 44-Acre Montgomery County Campus, Buyer Seeks To Redevelop
A 44-acre office campus in Montgomery County could soon be redeveloped.
Leidos sold its property at 700 North Frederick Ave. in Gaithersburg to Matan Cos. for an undisclosed price, the buyer announced Tuesday. JLL's Jim Molloy and Pete Briskman brokered the deal.
The property consists of two connected office buildings totaling 539K SF. It sits on Interstate 270 at the interchange of Montgomery Village Avenue, about 10 miles north of the Beltway.
The buyer said Leidos plans to vacate the campus, but the contracting giant has not detailed where its operations from the Gaithersburg property would be relocated. Leidos recently signed on for a 275K SF lease at the final component of Reston Town Center, but that deal represents a consolidation of three existing Reston offices.
Frederick-based Matan said the Gaithersburg property may remain an office campus or become a biotech facility, last-mile distribution center or big-box retail site.
“With Leidos vacating in the near future, the property represents a rare redevelopment opportunity in a severely supply-constrained area,” Matan Cos. Managing Partner Mark Matan said in a release. “The limited to non-existent supply of large 270 land tracts, coupled with the new Watkins Mill Interchange, make this site attractive across user types.”
