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701 Russell Ave
Gaithersburg, MD 20877 Gaithersburg

Rate Upon Request

Unknown For Lease  •  1,000+ SF

Property Details

  • Property Type Unknown
  • Year Built 2028
  • Total Building Size 374,500 SF
40 Transit Score
50 Walk Score

4 Spaces Available

Name Space Use Size Rent Details
1st Floor Ste Retail 1,000-127,975 SF Rate Upon Request
Proposed Retail

  • Date available: Feb 2028
  • Lease term: Negotiable
  • Service type: To Be Determined
  • Space Type: New
1st Floor Ste Retail 1,000-50,000 SF Rate Upon Request
Proposed Retail

  • Date available: Feb 2028
  • Lease term: Negotiable
  • Service type: To Be Determined
  • Space Type: New
1st Floor Ste Retail 1,000-65,000 SF Rate Upon Request
Proposed Retail

  • Date available: Feb 2028
  • Lease term: 5 Years
  • Service type: To Be Determined
  • Space Type: New
1st Floor Ste Retail 1,000-100,000 SF Rate Upon Request
Ground lease pads available

  • Date available: Feb 2028
  • Lease term: Negotiable
  • Service type: To Be Determined
  • Space Type: New

Description

Under construction for 2028 delivery, the former Lakeforest Mall, located on a 102-acre site at 701 Russell Ave., Gaithersburg, MD; is being redeveloped into a $1.2 billion mixed-use, live-work-play community. This will include 3.6 million square feet of new uses to replace the existing 1 million-square-foot mall plus parking lots.

The reimagined Lakeforest will include approximately 1,600 residential units, both multifamily rentals and for-sale, 750,000 square feet of new life science-related commercial space — office, research and development, light manufacturing — and 470,000 square feet of new retail. A fiscal and economic impact analysis projects the redevelopment will generate an estimated $2.7 million in annual revenues for the city and provide $1.7 billion in annual economic output at full buildout.

Property Flyers

Major Tenants

Tenant SF Occupied Lease End Date
Home Depot
Landmark Theatres
Sprouts Market

Public Transportation

Commuter RailDriveWalkDistance
5 min - 1.7 mi
5 min - 1.7 mi
AirportDriveWalkDistance
Ronald Reagan Washington Ntl 47 min - 27.0 mi
Washington Dulles International 53 min - 33.3 mi
Baltimore/Washington International Thurgood Marshall 57 min - 41.7 mi
Brian Greene 703-725-1351 Heritage Partners
Brian Greene 703-725-1351 Heritage Partners