Cushman & Wakefield of Maryland, Inc. recently sold Columbia’s Rivers Business Commons on behalf of Greenfield Partners. The price of the transaction was not disclosed. Fernau LeBlanc Investment Partners, a Washington, D.C.-based real estate owner and operator, was the buyer.
Rivers Business Commons is located at 8945-8975 Guilford Road, immediately off Route 32, Broken Land Parkway & I-95, in the heart of the Baltimore-Washington Corridor and close to both cities. The four-building office complex totals 101,596 square feet and is comprised of single- and two-story assets. In a press release, Cushman & Wakefield said Rivers Business Commons is 87 percent leased to such notable tenants as St. Agnes Hospital, Black & Veatch and Beazer Homes.
Greenfield Partners acquired Rivers Business Commons in April 2012. The South Norwalk, Connecticut–based company paid $8 million for the Class A office complex.
Cushman & Wakefield’s capital markets team of Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley represented the seller. “This transaction rewards the seller for the lease-up realized since their purchase and the institutional maintenance of a quality asset,” Cristopher Abramson said in a press statement. “The buyer has acquired a very well located property with excellent tenancy and great term.”
Greenfield Partners isn’t the only company looking to sell Baltimore area office properties. The Baltimore Business Journal reported that First Potomac Realty Trust entered into a contract to sell the 74,000-square-foot Triangle Business Center at 1500 Joh Ave. in Baltimore and Arbutus. The potential sale price was not disclosed.
Cassidy Turley reports that the Greater Baltimore office market continues to improve, with the office vacancy rate finally approaching the historical average. The second quarter of the year has seen the vacancies drop to 17.13 percent, a decline experienced in both Class A and Class B inventory. Class A rental rates have increased to almost $26.00 per square foot.
Charts courtesy of Cassidy Turley.