The University of Maryland BioPark has lost a tenant to the suburbs.
Biotech firm Noxilizer is moving to 10,481 square feet of space at 1334 Ashton Road in Hanover. The company is moving to its new space, owned by Feldman Bergin Development and Kenwood Management Co., to help accommodate its growing market presence, according to Noxilizer.
The company, which was founded in 2004 and is privately held, develops sterilization technologies for hospitals and life science manufacturing, such as systems for sensitive high-tech equipment used in minimally invasive surgical procedures.
“The new office allows us to retain all of the advantages of urban connectivity while affording us the space we need to meet the growth we’re experiencing,” said Lawrence Bruder, president & CEO of Noxilizer. “It is thrilling to see this move as an objective sign of how much we have grown as a company over the past five years.”
Noxilizer’s new space is five miles from Baltimore Washington International Thurgood Marshall Airport, 13 miles from Baltimore and Columbia and 30 miles from Washington.
Jane Schaab, executive director of the University of Maryland BioPark, portrayed Noxilizer’s move as proof of the success of the life sciences community being built at the BioPark, and said “real estate is really not our business.” The multi-tenant space at the BioPark, which totals more than 400,000 square feet of space over three buildings, including the recently renovated Lions Brother building, is 98 percent leased.
“There wasn’t really any space for Noxilizer to expand into,” Schaab said.
Noxilizer’s decision to relocate in the suburbs underscores a recent trend in Baltimore. Companies throughout the nation have been drawn to cities in recent years because of live, work and play environments that are seen as a boon in attracting and retaining employees.
The Baltimore metro office market has produced opposite results. Baltimore’s office market, according to a fourth quarter report from Newmark Knight Frank, found a “noticeable performance gap” between suburban and city office markets.
Between the last quarter of 2012 and the final quarter of 2017, according to Newmark Knight Frank, suburban office markets absorbed 1.4 million square feet more office space in aggregate than the city, and the average asking rate for suburban rent was nearly $2 per square foot higher than in Baltimore.
Newmark Knight Frank’s Michael Singer and Matthew Lunnen represented Noxilizer in the transaction. The landlord was represented by Lee & Associates Marley Welsh and Kate Jordan.