50 West Watkins Mill Road

50 West Watkins is a 57,000 square foot laboratory building that was leased to a single tenant. Under the terms of the lease, the tenant captured the value of building appreciation through a series of short term renewal options. Moore purchased 50 West Watkins in 2006 for $11.6 million.

Subsequent to Moore’s acquisition, the tenant was acquired by a larger company. Lease assignment provisions provided an opportunity to restructure terms. Tenant rent was increased and renewal options deleted, transferring building value back to the owner.

The asset continually generated cash flow and was sold in 2010 for $14.2 million.