Amanda Bosland, Author at Rockville Economic Development, Inc

Rockville ranks as one of the most diverse cities in America in 2022

Rockville placed 10 of 501 in WalletHub's 2022 study of cities in America

According to a study of ethnically diverse places in America conducted by WalletHub, four of the top 10 most diverse cities in the country are in Montgomery County, Maryland. The personal finance website placed Germantown, Gaithersburg, Silver Spring and Rockville among its top ten “2022 Most & Least Ethnically Diverse Cities in the U.S.”

WalletHub compared the most populated U.S. cities across three key metrics:

Ethnoracial Diversity
Linguistic Diversity
Birthplace Diversity

Each metric was graded on a 100-point scale, with 100 representing the most ethnic diversity. The weighted average across all metrics were determined to calculate the “Ethnic Diversity Score” for cities and the resulting scores to rank-order the sample.

The top 10 most diverse cities in America, in order, were:

Jersey City, NJ
Germantown, MD
Gaithersburg, MD
Silver Spring, MD
Spring Valley, NV
New York, NY
Kent, WA
San Jose, CA
Oakland, CA
Rockville, MD

Learn more about Rockville’s economy, workforce and amenities here

To view the full list of cities in WalletHub’s 2022 report, please visit: https://wallethub.com/edu/cities-with-the-most-and-least-ethno-racial-and-linguistic-diversity/10264

Accelerating Community Excellence (ACE) loan now accepting applications

The program will provide loans to women-owned and underserved businesses

ROCKVILLE, Md., September, 14, 2022 – The Montgomery County Economic Development Corporation (MCEDC) has officially begun accepting applications for commercial loans from the new Accelerating Community Excellence (ACE) Loan Fund, a state of Maryland-funded program that provides loans to small, minority and women-owned companies. MCEDC is the ninth fund manager in the Maryland Small, Minority and Women-Owned Business Program, also known as the Video Lottery Terminal (VLT) Program.

“Small, minority and women-owned businesses are the backbone of Montgomery County,” said Bill Tompkins, MCEDC President & CEO. “Our new ACE Loan Fund gives us the power to provide financial support to these businesses to help them grow and flourish in our area and across the state of Maryland. We couldn’t be happier to have been appointed and approved as a fund manager and look forward to seeing Montgomery County businesses continue to thrive.”

The Maryland VLT Program was created to assist businesses, especially in underserved communities, with a percentage of the proceeds from video lottery terminals (slots) from the six casinos in Maryland. MCEDC was allotted $1.5 million in financial assistance to distribute among eligible businesses in the state and within Montgomery County.

The VLT Program requires at least 50% of the program funds to be deployed to eligible small businesses located within a certain targeted radius surrounding the state’s six casinos. Since there are no Montgomery County casinos in Maryland, the MCEDC-managed ACE program will target the remaining 50% of its funding to eligible Montgomery County small businesses.

MCEDC will work with the Latino Economic Development Center (LEDC) as the program’s fiduciary agent. MCEDC chose LEDC as a partner since the center has an established and strong track record of services to the Latino and underserved communities in the Greater Washington-Baltimore region, with offices in Wheaton and Baltimore.

“The ACE Loan Fund will offer greater capital to minority business owners to foster their growth and development,” said Emi Reyes, LEDC CEO. “We are proud to have partnered with MCEDC as we work together to support the region’s small businesses.”

To see if your business is eligible for the program, complete the pre-qualification form by clicking the button below. For questions regarding the program, contact Laurie M. Boyer, CEcD, at laurie@thinkmoco.com or (240) 641-6704.

About Montgomery County Economic Development Corporation (MCEDC)

MCEDC is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

About The Latino Economic Development Center (LEDC)

The Latino Economic Development Center (LEDC) equips Latinos and other underserved communities with the skills and financial tools to create a better future for their families and communities. Participants in our programs learn how to build their long-term financial security by buying and staying in their homes, taking control of decisions affecting their apartment buildings, and starting or expanding their small businesses. For more information, visit https://www.ledcmetro.org/

Link to press release: https://thinkmoco.com/blog/mcedc-ace-loan-accepting-applications

Rockville biotech Shuttle Pharmaceuticals shares climb 373% on first day of trading

Shuttle Pharmaceuticals began trading on the Nasdaq Capital Market under the symbol 'SHPH'

Originally published by Washington Business Journal on August 31, 2022

On its first day as a publicly traded company Wednesday, Rockville-based Shuttle Pharmaceuticals Holdings Inc. (NASDAQ: SHPH) saw its shares climb a staggering 373% to close at $38.48. At one point late Wednesday, its shares were trading at above $65 — up more than 700% from their opening price.

In after-hours trading Wednesday, the stock was down about 17% from its close and trading around $32 a share.

The eye-popping gains came on a day when all the major U.S. stock indexes fell.

Shuttle’s shares are trading on the Nasdaq Capital Market under the symbol “SHPH.” Nasdaq Capital Market is one of three Nasdaq exchanges and is made up of early-stage companies that have relatively low-market capitalizations and still need to raise growth capital.

Shuttle is developing treatments to make radiation less harmful for cancer patients. Before the markets opened Wednesday, Shuttle said it was offering 1,225,888 units of common stock and warrants at a price of $8.125 per unit, for total gross proceeds of $9.96 million. Each unit comprises one share of common stock and a warrant to buy another share of common stock for a penny. The offering is expected to close on Friday.

Boustead Securities LLC in Irvine, California, is the lead underwriter for the offering and Hong Kong’s Valuable Capital Ltd. is the co-underwriter.

Shuttle was founded in 2012 by faculty members of the Georgetown University Medical Center. It has not yet taken any products to market, though that is not uncommon for clinical-stage biotech companies that need hefty amounts of capital to fund research.

In a Securities and Exchange Commission filing earlier this month, Shuttle said it would use roughly $8.5 million from the stock sale to support a phase 2 clinical trial in glioblastoma and sarcoma for Ropidoxuridine, its lead drug candidate, as well as to cover expenses related to the IPO. That product, according to the company, makes growing cancer cells more vulnerable to the effects of radiation while diminishing side effects. It would use another $1.5 million from the IPO proceeds to advance a preclinical candidate that targets cancer cells and helps the body protect healthy cells by activating the immune system. Shuttle is testing that product, SP-2-225, in myeloma, lung and breast cancers.

Once those trials are complete, the company said that it may need another $22 million for phase 3 trials for Ropidoxuridine and roughly $30 million to get SP-2-225 through late-stage trials. The company reported a $1.28 million net loss in the first half of 2022, and closed June with $50,437 in cash and cash equivalents. It also said proceeds from the IPO, along with its cash on hand, should fund the business for the next year — after stating last month that it expected the proceeds would sustain the business through 2025.

About Shuttle Pharmaceuticals

Shuttle Pharmaceuticals is a clinical-stage pharmaceutical company leveraging our proprietary technology to develop novel therapies that are designed to cure cancer. The Company was originally founded as Shuttle Pharmaceuticals, LLC in December 2012 in the State of Maryland. In June 2018, Shuttle Pharmaceuticals, Inc. became a wholly owned subsidiary of Shuttle Pharmaceuticals Holdings, Inc., a State of Delaware corporation. Learn more at https://www.shuttlepharma.com/

Maryland Women’s Business Center welcomed at Verizon Tech Policy Center networking event

Maryland Women's Business Center was invited to help promote Verizon's Small Business Digital ready program to local entrepreneurs

Originally published on US Tech Future on August 31, 2022

Verizon was proud to welcome representatives from the Maryland Women’s Business Center and entrepreneurs from across Maryland, Virginia, and Washington D.C. for an in-person networking event, as part of the Small Business Digital Ready initiative. The Verizon Small Business Digital Ready program is an online curriculum designed to give small businesses the tools they need to thrive in the digital economy. The program provides learning modules, coaching, networking opportunities, and access to grants—with the overall goal being to support one million small businesses.

Watch more to view a video from our event, and to read more about Small Business Digital Ready, visit: https://www.verizon.com/about/responsibility/digital-inclusion/small-business-training

About MWBC

In 2010, Rockville Economic Development, Inc. (REDI) established the Maryland Women’s Business Center (MWBC) to help women throughout the region start and grow businesses positioned for long-term growth through training, business counseling and other resources. Now funded in part through a Cooperative Agreement with the U.S. Small Business Administration (SBA), MWBC hosts more than 120 workshops a year and interacts with more than 1,600 clients through its various services and programs. Learn more about MWBC at www.marylandwbc.org

REDI seeks Managing Director for the Maryland Women’s Business Center

Maryland Women's Business Center is a program of REDI created to meet the need of entrepreneurs, especially women-owned businesses in Maryland

REDI, an innovative and highly successful nonprofit economic development agency located in beautiful Rockville, Maryland, is seeking a dynamic, talented and experienced candidate for the position of Managing Director for the Maryland Women’s Business Center to help sustain the progress and continued growth experienced by the community over the last 20+ years.

REDI is a public-private partnership established to strengthen and broaden the City of Rockville, Maryland’s economic base through business entrepreneurship, expansion, retention, and recruitment programs. Rockville, with a population of nearly 70,000, is a vibrant community developed over 14 square miles and is poised for future success. The city is located just 12 miles northwest of the nation’s capital and 35 miles southwest of Baltimore with easy access to Washington, D.C. Rockville is served by two Metro rail stations, several major highways, and three major airports. Uniquely positioned along the I-270 Bio-Tech Corridor, Rockville is in the center of a variety of technology-based businesses and a daytime labor force of over 80,000 people. There is also a wealth of existing key business clusters providing Rockville a competitive advantage in a variety of areas including the life sciences, advanced immunology, hospitality, cybersecurity, quantum computing, advanced technologies, video gaming, professional services companies and entrepreneurship. Rockville possesses a strong sense of community and benefits from an educated, ethnically diverse and engaged citizenry, stable neighborhoods, annual celebrations, and a wide range of recreational and cultural opportunities. The City’s downtown serves as the county seat for Montgomery County, one of the most affluent and well-educated counties in the United States.

REDI, the City’s economic development agency since being established in 1997, is governed by a Board of approximately 20 Directors appointed by the Rockville Mayor and City Council and consists of volunteer business representatives and residents who generally live and/or work in the City, including the Mayor and City Manager. The CEO reports directly to the Board of Directors and is responsible for overseeing all aspects of the operation, including two full time employees directly related to economic development. The CEO also is responsible for overseeing seven employees supporting the mission of the Maryland Women’s Business Center (MWBC), an innovative program created in 2010 and certified by the SBA in 2013 to meet the needs of entrepreneurs, especially women-owned businesses, at every stage of building and sustaining their business.

The Managing Director for the Maryland Women’s Business Center reports directly to the Chief Executive Officer for the Rockville Economic Development, Inc. (REDI). The MWBC is funded in part through a Cooperative Agreement with the U.S. Small Business Administration, as well as other Federal and local funding sources, including hosting more than 120 workshops a year, interacting with more than 1,600 clients through its various services and programs. The Managing Director, responsible for overseeing an annual budget of $1M and leading a staff of seven, plus other contractors and volunteers, will facilitate the daily operations of the Maryland Women’s Business Center (MWBC) in Rockville, Bowie, and a satellite location in Frederick.

A key responsibility of the Managing Director is overseeing the fiscal management of MWBC to ensure resource and programmatic goals are met, existing grants are effectively managed and other funding sources are identified and pursued. The Managing Director will develop MWBC’s annual budget, track actual expenses to budget and report to REDI’s Board of Directors and its Executive and Finance Committees on the financial position of the Center and market risks, and develop and manage relationships with diverse stakeholders, including funders, community members, nonprofits, businesses and government officials at local and national levels. The Managing Director will also publicize programs through a variety of mechanisms including media opportunities, website, social media, print channels and trade show attendance, and build and maintain a network with organizations that support entrepreneurs. The position also supervises the training and business counseling programs to ensure a diverse population of women is supported in compliance with funder requirements.

Click here to view the recruitment brochure

Compensation and Benefits

Salary Range $90,000 – $110,000 DOQ/E, Plus Excellent Benefits

Desired Qualifications

The ideal candidate will have a Bachelor’s in Business or a related field with at least seven (7) years in relevant business and/or program management experience. Experience with women’s business issues, public speaking skills with training experience, and proficiency in languages other than English is desirable. A Master’s degree and a PMP or other types of project management certification is preferred. The selected candidate will have a proven track record of creating, launching, and managing successful similarly sized projects, possess strong financial acumen with demonstrated experience in budget planning and forecasting, and should have a demonstrated ability to work collaboratively with diverse stakeholders and be able to balance competing interests. Compensation will be negotiated based on experience and education. REDI will provide the new Managing Director with full-time position benefits, paid holiday, annual leave, healthcare benefits, and a 3% matching contribution to a simple IRA plan.

Special Instructions

The position is open until filled with a first review of candidates occurring on Wednesday, August 31, 2022. For more information, please contact Art Davis at Art.Davis@BakerTilly.com or by phone at 816.868.7042. Following the first review date, the lead consultant will evaluate all applications against the posted qualifications and may invite a select number of applicants to complete additional assignments or participate in a virtual or in-person interviews. Applicants selected as finalists for this position will be subject to a comprehensive background and reference check.

The Maryland Women’s Business Center (MWBC) and Rockville Economic Development Inc. (REDI) are both Equal Opportunity Employers and value diversity at all levels of their organizations (EOE).

Please visit the MWBC website at www.marylandwbc.org.

Learn more about REDI and the City of Rockville, Maryland at www.rockvilleredi.org and www.rockvillemd.gov.

Behavioral Framework opens new diagnostic center ‘Pathways’

'Pathways' will help alleviate year-long wait times for children to receive autism diagnosis

ROCKVILLE, Md., August 17, 2022 – Behavioral Framework has announced that they have opened their new Diagnostic Center: Pathways by Behavioral Framework and are accepting appointments for comprehensive evaluations of autism and other developmental disabilities. Children can’t begin treatment without first acquiring a diagnosis, and there are very few diagnostic centers to cover the DMV area, resulting in staggering, sometimes year-long wait times. Recognizing this burden on families and children impacted by Autism, Behavioral Framework has committed its resources to expand their care and establish Pathways.

Dr. Andrea Howard, Ph.D., was hired as Child Psychologist and Program Lead for the center, headquartered in their Rockville, Maryland office. She received her Bachelor of Arts in Psychology from Asbury University, her Master of Education in School Psychology, and her Ph.D. in School Psychology from the University of Cincinnati. Dr. Howard has a distinguished career in psychology across several mediums, including schools, early childhood centers, and pediatric hospitals. With her wide breadth of experience, she specializes in Autism evaluations while assessing for other developmental, emotional, and behavioral concerns. She guides parents through the next step in their journey of acceptance and treatment. Dr. Howard’s familiarity and experience within various settings offer families a great advantage as she can assist them with educational recommendations, accessing community supports, and much more.

Pathways by Behavioral Framework offers parents and caregivers the best options for children ages 0 to 21. While applied behavioral analysis (ABA) therapy is Behavioral Framework’s specialty, Pathways can also assess for other childhood concerns and guide families to the right resources to assist their child. Parents concerned that their child should have an assessment should call Behavioral Framework’s main number at 301-444-5001 or visit their website at www.behavioralframework.com/pathways to begin the process. Once a child receives their comprehensive assessment report from Behavioral Framework and customized path to their next steps, they can follow up for treatment with any provider for therapy.

“We are so excited to extend our resources and services to ease the burden of year-long wait times and fill the gap for families struggling to receive a diagnosis and treatment for their child,” said Angela West, Chief Clinical Officer, Behavioral Framework. “Dr. Howard is an incredible addition to our Behavioral Framework family and our mission, and we look forward to offering long-awaited answers and assistance to families across the DMV area.”

“I am honored to join the Behavioral Framework mission to provide exceptional and compassionate care to children and their families,” said Dr. Andrea Howard, Child Psychologist/Program Lead, Behavioral Framework. “The Diagnostic Center will benefit countless families in Virginia, Maryland, and DC to receive the answers they have been longing for.”

About Behavioral Framework

Behavioral Framework is a leading family-owned and locally operated provider of ABA therapy, and an INC 5000 company for the second consecutive year, with a vision of providing exceptional care and better client outcomes for children diagnosed with autism and their families. Behavioral Framework was founded out of a strong desire to deliver consistent and superior care with a holistic and collaborative approach that serves the whole family. Learn more at: https://www.behavioralframework.com/

Five Rockville companies listed among Inc.’s 131 economic all-stars of the Mid-Atlantic

The selected Rockville companies represent businesses in the government services, IT services, and business product & services industries

The Inc. Regionals lists recognize the innovative achievements of companies in generating sustainable growth and jobs. The Inc. Mid-Atlantic Regional list includes companies from Washington D.C., Delaware, Maryland, North Carolina, Virginia and West Virginia. This year’s Mid-Atlantic Regionals ranked 131 companies with 5 of them located in Rockville, MD.

By order of rank, the Rockville companies on Inc.’s Regionals 2022: Mid-Atlantic are:

The Audley Group Inc. – Government Services
Dinocrates Group – Government Services
E-INFOSOL – IT Services
Bravium Consulting – IT Services
Patriot Shredding – Business Products & Services

To view the full list, visit https://www.inc.com/regionals/mid-atlantic

Governor Hogan announces expansion of landmark SmartBut Initiative to help more homebuyers

Program helps borrowers eliminate existing student debt and achieve financial security

ANNAPOLIS, Md., August 15, 2022 — Governor Larry Hogan today announced that the Maryland Department of Housing and Community Development (DHCD) has expanded the state’s landmark SmartBuy initiative to address rising housing market prices. To help manage purchase costs, homebuyers can now eliminate up to $50,000 in student loan debt—up from $30,000. The program has also added an additional down payment and closing cost loan option for lower income borrowers.

“As the county continues to deal with an inflation crisis, we are again taking steps to prove relief to Marylanders,” said Govenor Hogan. “Our SmartBuy initiative-the first of its kind in the country-has established a national model for removing persistent roadblocks to homeownership and financial security, and this expansion will allow up to help even more families.”

Through the SmartBuy 3.0 product, buyers purchasing an eligible home through the Maryland Mortgage Program can receive either 15% of their home purchase price or $50,000 in student debt payoff assistance – whichever is lower.

“As interest rates increase and demand drives housing prices up, the State of Maryland is always looking for innovative ways to hlep make homeownership affordable,” said Maryland Department of Housing and Community Development Secretary, Kenneth C. Holt. “Launched more than five years ago, SmartBuy was the first government mortgage program in the nation to specifically address student loan debt, which is a significant barrier for many potential homeowners.”

SmartBuy borrowers with income at or below 50% of the average median income have a new option of receiving a 6% down payment and closing cost assistance loan. All SmartBuy borrowers continue to have the option of $6,000 or a 4% down payment and closing cost assistance loan.

These enhancements to SmartBuy 3.0 are additional ways the Maryland Mortgage Program is making homeownership more affordable. Other new products and enhancements offered for Fiscal Year 2023 include:

Base down payment assistance has been increased from $5,000 to $6,000
HomeStart is a new loan product for borrowers with income below 50% AMI to assist them with a 6% down payment and closing cost assistance loan.
HomeAbility, for homebuyers with disabilities, to provide increased funding and a flexible loan structure.
Montgomery Homeownership Program VII reopens for the seventh year in a row and will offer up to $25,000 in down payment assistance, in partnership with Montgomery County.

The Maryland Mortgage Program offers a wide variety of mortgage products specifically tailored to make homeownership affordable and sustainable, including flexible government and conventional loans that come with various levels and forms of down payment and closing cost assistance and attractive interest rates for both first-time and repeat homebuyers, conventional refinancing and even student debt relief.

To learn more and find out which product is right for you, visit https://mmp.maryland.gov/Pages/default.aspx and contact a participating lender.

New zoning measure to expand biohealth in urbanizing and transit-oriented locations in Montgomery County

The new zoning measure will serve as an important economic development tool aimed at accelerating growth in the biohealth field in Montgomery County

ROCKVILLE, Md., July 29, 2022 – The Montgomery County Council voted Tuesday to approve a new zoning measure introduced by Councilmember Andrew Friedson that will help attract and retain biohealth companies in Montgomery County and spur economic development, particularly in transit-oriented locations. The new zoning measure continues the Council’s ongoing efforts to support innovation and the biohealth sector, which is an essential part of Montgomery County’s economic engine.

ZTA 22-02 Density and Height Limits, Parking – Biohealth, will allow additional height and increased flexibility in density allocation for urban biohealth facilities in recognition of the unique mechanical challenges of biohealth buildings.

A recent report from CBRE examining the state of the life sciences workforce across the country ranks the D.C. metropolitan region second in the nation, highlighting “the relentless activity from the region’s companies, particularly in Montgomery County’s talent-rich and saturated Interstate 270-corridor.”

“This economic success does not happen by accident,” Councilmember Friedson said. “It takes a series of intentional policy decisions like this one to create an environment in which the life sciences industry can grow and flourish. Through targeted workforce development efforts and the assistance of our partners at the Montgomery County Economic Development Corporation, we are doing just that and are seeing the benefits of those efforts.”

The new zoning measure will serve as an important economic development tool aimed at accelerating growth in the biohealth field and closely aligns with the County’s Economic Development Strategic Plan, spearheaded by Councilmember Friedson and recently approved unanimously by the Council.

“MCEDC fully supports the Montgomery County Council’s continued focus on accelerating and streamlining the regulatory process for county biohealth facilities. This newest measure will allow greater flexibility in buildouts for urban biohealth growth,” said Benjamin H. Wu, Montgomery County Economic Development Corporation (MCEDC) President and CEO. “Our strong talent pool, access to federal regulators and zoning changes that improve speed to market will continue to spur growth in the life sciences industry in Montgomery County.”

“MCCC commends Councilmember Andrew Friedson’s leadership and that of the County Council to provide additional flexibility in the regulatory process to better attract cutting-edge biohealth companies,” said Georgette “Gigi” Godwin, Montgomery County Chamber of Commerce President and CEO. “This industry is an economic and job creation engine for Montgomery County that is competing not just locally, but globally, and forward-thinking policies are economic development imperatives.”

The Planning Board supported ZTA 22-02 as amended by Councilmember Friedson and his colleagues on the Council’s Planning, Housing, and Economic Development Committee. Councilmembers Tom Hucker, Sidney Katz, Nancy Navarro, Hans Riemer, Council President Gabe Albornoz and Vice-President Evan Glass are cosponsors.

Link to press release: https://www2.montgomerycountymd.gov/mcgportalapps/Press_Detail.aspx?Item_ID=41942&Dept=1

Arcellx Inc. inks deal for expansion into newly converted lab space in Rockville

Arcellx's recent IPO raised over $120 million for advancing Phase 2 trial of a product to treat relapsed/refractory multiple myeloma

Article originally published by Washington Business Journal on August 1, 2022

Gaithersburg’s Arcellx Inc. (NASDAQ: ACLX) has inked a deal to expand into Rockville.

The newly minted public company, a clinical-stage provider of cell therapies for cancer and autoimmune diseases, has signed a lease for 60,000 square feet at 800 King Farm Blvd., 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. Banyan Street had acquired an ownership stake in 800 King Farm, as well as 700 and 702 King Farm Blvd., in 2020, according to JLL.

Banyan Street is simultaneously planning a similar conversion for 805 King Farm Blvd., which it acquired in December for $33.2 million, according to Maryland records. The four King Farm buildings are collectively branded as The District at King Farm.

The two office-to-lab conversions combined, to be branded as District Labs, will yield a total of 480,000 square feet of lab and office space, Banyan Street said. The investor also announced it has acquired, for an undisclosed price, a 0.8-acre surface parking lot adjacent to 805 King Farm that is zoned for another 155,000 square feet of life sciences-related space, “which Banyan is planning to develop subject to continued leasing momentum within the converted inventory.”

Arcellx’s recent initial public offering raised about $124 million, much of that to advance a phase 2 trial for one of several product candidates it’s developing to treat relapsed/refractory multiple myeloma, a cancer of the blood plasma cells. The biotech didn’t specify what it would use the King Farm space for, but in an earnings call earlier this year, Chairman and CEO Rami Elghandour said the company would need to quickly expand its manufacturing and distribution operations as it tries to commercialize its products while aiming to develop new ones.

“Our operating expenses and capital requirements will increase substantially,” he said in the earnings call. The company’s lease at 25 W. Watkins Mill Road in Gaithersburg, five miles north of the King Farm property, runs through 2030, he said at the time.

For the remaining space at District Labs, Banyan plans to target small to mid-sized biosciences companies looking for space ranging from 5,000 to 300,000 square feet. DNC Architects and JennERIK Engineering are part of the conversion development team.

In a release, Banyan noted that suburban Maryland’s life sciences industry “remains robust” with a vacancy rate of less than 2%. Numerous office-to-lab conversions have been proposed of late by the likes of Stonebridge, Boston Properties and Longfellow Real Estate Partners, while the Montgomery County Council is weighing additional incentives to keep the sector strong.

Converting an existing building, rather than constructing from the ground up, “offers an opportunity to capitalize on the existing building’s ideal lab infrastructure and accommodate the urgent timelines among life sciences companies like Arcellx,” Zac Gruber, Banyan’s managing director, said in a statement.

Outside of Montgomery County, Banyan Street’s portfolio includes American Center in Tysons, One East Pratt in Baltimore, 180 Maiden Lane in New York City, the Peachtree Center and Salesforce Tower in Atlanta, multiple office towers in South Florida and the Wells Fargo Center in Jacksonville, Florida.

Kevin McGloon, Peter Rosan and Megan Williams of Cushman & Wakefield manage leasing at The District. The conversion of 800 King Farm will be complete by the end of 2022, and the company also expects to have about 40,000 square feet of speculative lab space built out within it by mid-2023.

About Arcellx

Arcellx, Inc.is a clinical-stage biotechnology company reimagining cell therapy by engineering innovative immunotherapies for patients with cancer and other incurable diseases. We believe that cell therapies are one of the forward pillars of medicine and our mission is to advance humanity by developing cell therapies that are safer, more effective, and more broadly accessible. Learn more at https://www.arcellx.com/

About The District at King Farm

With a campus-like setting, The District at King Farm integrates community and wellness with flexibility. The District at King Farm enjoys a superior location in one of Montgomery Counties most desirable communities to live and work. The park consists of four six-story, full-service office and lab buildings that are located near I-270 providing access to great restaurants and shopping. Learn more at https://districtkingfarm.com/

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Author: Amanda Bosland