Bethesda-based Lantian Development has purchased the COMSAT property, a high-profile 204-acre site and building on Interstate 270 in Clarksburg, for $11.5 million. John Wang of RE/MAX represented Lantian in the all-cash transaction that closed Tuesday. LCOR was the seller.
The Cesar Pelli-designed 496,000 SF headquarters building is highly visible from I-270. It was constructed for COMSAT in 1969 as a research facility.
In addition to the modernist main building and 3,600 feet of frontage on I-270, there are three "special purpose" buildings that total another 36,000 SF.
Among the good news in this deal - Lantian is bucking the pressure from Montgomery County elected officials to turn job centers into residential housing, and is considering keeping it as office or research use, such as for pharmaceuticals. The 270 corridor is home to one of the few bright spots in Montgomery County's moribund economic development climate, biotechnology.
“We are here to contribute to the growth of the Washington region, creating synergy and job opportunities,” Lantian Development co-founder and CFO Shawn Li said yesterday. “Over the next five years, we hope to continue to develop projects in this region and expand into other markets as well.”
After barely a year in the local real estate market, Lantian has already made a name for itself with several high-profile projects in Montgomery County. In the commercial field, the vacant COMSAT property has been one of the most talked about in business and real estate circles countywide.