CapStar Commercial Realty was selected by Lantian to provide property management service for the iconic
Grove Campus in Rockville, MD.
CapStar Commercial Realty’s was honored as the Property Management of the Grove Campus starting from 2019. As Property Management, CapStar assisted Lantian in achieving their operating goals, adapting to the changing conditions associated with the COVID-19 Pandemic, tenant retention; and ultimate disposition of the project in August 2021.
A real estate investment and development company located in Bethesda, acquired The Grove in 2015. The Grove Campus consists of seven properties at Cherry Choke, Shady Grove, and Gaither Road and includes 435,456 square feet of retail and office space. Lantian made the decision to sell the Grove Campus to Boston Properties, LLC per the opportunity and high demand for real estate in the area of Montgomery County, Maryland. This decision comes from a growing cluster of Biotech and Life Sciences companies, with Maryland ranking #4 by GEN and in near proximity to the US Food and Drug Administration (FDA), located in Silver Spring, Maryland. Other top 20 Big Pharma in Montgomery County includes AstraZeneca (Gaithersburg) and GlaxoSmithKline (GSK) (Rockville). The contribution of these companies involve the fight against COVID-19, such as the development of a COVID vaccine and the manufacturing of consumer health products.
In the void of the Grove Campus, CapStar has been awarded the property management for four new commercial properties and two new residential properties in 2021. Now adding a total of 122,412 managed sq footage to the existing portfolio.