St. John Properties Acquires 120K SF Office Building in Maryland from BentallGreenOak
St. John Properties has acquired 14400 Sweitzer Lane, a 120,904-square-foot office building located along the Baltimore-Washington corridor in Laurel, Md., from BentallGreenOak.
The price of the sale was not disclosed.
“This asset is institutional quality, features immediate access and visibility from Interstate 95 — the major highway connecting Baltimore and Washington, D.C. — and is situated in a suburban submarket that we have tremendous experience with and confidence in,” said Sean Doordan, senior vice president of leasing and acquisitions for St. John Properties. “The building offers large and open floorplates, which are attractive to companies seeking lower densities in the suburbs of major metropolitan areas.”
The four-story, Class A building features a glass exterior and a two-story lobby, floor plates of about 30,000 square feet, an outdoor patio and a surface parking lot that can accommodate up to 400 vehicles.
According to Doordan, St. John Properties intends to invest more than $500,000 in 14400 Sweitzer.
“We were able to acquire this building significantly below replacement cost, and plan to add value with an improvement strategy designed to support multi-tenant occupancy, elevate the interior and exterior aesthetics along with the addition of a fitness center,” he said. “This building satisfies every criterion in our acquisition profile, most specifically, the opportunity to add value to an asset that is currently 50 percent leased.”
The building is about 20 miles from both D.C. and Baltimore, and is located one exit from the Intercounty Connector (MD Route 200), adjacent to MD Route 198.
“It is located within close proximity to several of our commercial office projects in Prince George’s and Howard counties, including Melford Town Center and Maple Lawn, along with [the National Security Agency headquarters in Ft. Meade], NASA Goddard Space Flight Center and the [U.S. Food and Drug Administration],” Doordan said.
Dan Callihan, an executive managing director with Newmark, represented the seller in the deal, while St. John Properties was represented in-house.