Press Releases

250,000 SF Purpose-Built Lab Project in Montgomery County

March 16, 2022

WASHINGTON – Stonebridge has selected Transwestern to lease its first purpose-built lab development – EvolutionLabs at Washingtonian, a two-building, 250,000-square-foot project at 9713 Washingtonian Blvd. in Gaithersburg, Maryland. The first 150,000-square-foot, six-story building will break ground this fall and be ready for tenant construction in winter 2024. The second 100,000-square-foot building is expected to start construction in 2024. The Washingtonian project is a joint venture between Stonebridge and Principal Real Estate Investors.

“Deep expertise in life sciences combined with extensive market knowledge makes Transwestern the perfect partner for our first purpose-built lab development,” said Kent Marquis, a Principal with Stonebridge. “The team brings decades of experience and relationships to target and attract life science tenants to EvolutionLabs at Washingtonian.”

Transwestern’s Phil McCarthy, Keith Foery, Guy Copperthite and Mark Boyce with Peter Conte from the firm’s Bay Area office will lead the leasing efforts. The team leverages local market intelligence, national expertise and the dedicated resources of Transwestern’s industry-leading platform to deliver deeper insights and integrated solutions within the life sciences ecosystem.

“EvolutionLabs will transform Montgomery County’s life sciences landscape,” said Boyce, a Senior Vice President at Transwestern. “We are proud to partner with Stonebridge to bring this exciting project to life.”

Stonebridge has retained CannonDesign as the project’s architect and Clark Construction will serve as the general contractor.

Rendering available for download here.

About Stonebridge
Stonebridge is a privately held real estate investment and development firm based in Bethesda, Maryland which focuses primarily on developing mixed-use properties in the Washington, DC metropolitan region. During the past twenty years, the principals of Stonebridge have been involved in the acquisition, development, joint venture, financing and disposition of real estate assets in the Washington area exceeding $6.0 billion in value.

About Principal Real Estate Investors
Principal Real Estate Investors is the dedicated real estate investment group within Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. As a top 10 global real estate manager[1], Principal Real Estate Investors has more than 60 years of real estate investment experience[2]. The firm’s capabilities span the spectrum of public and private equity and debt investments, and it manages or sub-advises $105 billion in commercial real estate assets (as of December 31, 2021).

About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.

The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at and @Transwestern.

Media Contacts:
Jaime Luckey

Kent T. Marquis

[1] Managers ranked by total worldwide assets (net of leverage, including contributions committed or received, but not yet invested, REIT securities are excluded), as of 30 June 2021. “The Largest Real Estate Investment Managers,” Pensions & Investments, 4 October 2021.

[2] Principal Real Estate Investors became registered with the SEC in November 1999. Activities noted prior to this date were conducted beginning with the real estate investment management area of Principal Life Insurance Company and, later, Principal Capital Real Estate Investors, LLC, the predecessor of Principal Global Investors Real Estate.

Phillip McCarthy

Executive Managing Director - Market Leader

Washington, District of Columbia

(301) 896-9011

Keith Foery

Executive Managing Director - Market Leader

Washington, District of Columbia

(301) 896-9028

Guy Copperthite

Senior Vice President

Bethesda, Maryland

(301) 896-9015

Mark Boyce

Senior Vice President

Bethesda, Maryland

(301) 896-9090

Peter Conte

National Director - Laboratory + Life Sciences

San Francisco, California

(415) 489-1844