Matan Companies Fully Leases Gaithersburg Industrial Real Estate Campus with MCPS Deal

GAITHERSBURG, Md. — December 11, 2025 — Matan Companies announced that it has fully leased its 44-acre life science and industrial campus in Gaithersburg, Maryland, following a 161,500-square-foot lease with Montgomery County Public Schools (MCPS) at 700 Progress Way.

Campus Now Fully Occupied

The two-building campus, located along Interstate 270, includes 198,000 square feet at 700 Progress Way and 198,000 square feet at 750 Progress Way. With the new MCPS lease, both buildings are now fully leased. Previous tenants include AstraZeneca, which signed a full-building lease for 198,000 square feet at 700 Progress Way in December 2023, and Daikin Comfort Technologies Distribution, Inc., which leased 36,145 square feet at 750 Progress Way in May 2024.

Details of the MCPS Lease

The 161,500-square-foot lease with MCPS completes the leasing activity for the campus. According to Matan Companies, the site offers 32-foot clear heights, dock and drive-in loading, EV charging stations, and flexible configurations suitable for life science, manufacturing, distribution, logistics, and institutional users.

Statements from Matan Companies

“We are extremely proud to have delivered and fully leased this state-of-the-art campus,” said Mark Matan, Director of Leasing at Matan Companies. “The diversity of best-in-class occupants—AstraZeneca in life sciences, Daikin in advanced HVAC distribution, and now Montgomery County Public Schools—demonstrates the incredible flexibility and strategic location of these assets along the I-270 corridor.”

JP Matan, Principal at Matan Companies, added, “This milestone reflects the strength of the region’s economic base and the demand for high-quality, modern industrial and flex space. We are especially honored to now support MCPS in its mission to serve more than 160,000 students by providing a modern, efficient operational hub for years to come.”

Location and Access

The Gaithersburg campus fronts I-270 between the Montgomery Village Avenue and Watkins Mill interchanges, offering visibility and access to major transportation routes. Matan Companies stated that the full lease-up of 700 and 750 Progress Way reinforces its position as a developer and owner of industrial and life science properties in the Washington, D.C. metropolitan region.

Sources

Matan Companies press release