Altus Realty has acquired Research Square, two office buildings comprising 90,000 square feet in Rockville, Md., for $25.5 million.
Westat, an employee-owned research company headquartered in Rockville, was the seller of the two properties, located at 1500 and 1550 Research Boulevard.
SEE ALSO: Alan Mruvka On His E! Past and StorageBlue Future The Arlington, Va.-based Altus plans to turn the property into life sciences space, given that the buildings’ attributes make them amenable to such a conversion, according to CBRE, which represented the seller in the deal.
Westat decided to let go of the building as its workspace needs changed.
Image: RESEARCH SQUARE. PHOTO: CBRE