St. John Properties Plans 26 Spec Developments
By Keith Loria March 17, 2023 3:13 pmreprints
St. John Properties is all in on speculative commercial space.
This year, the Baltimore-based company will speculatively develop 26 buildings of various sizes and asset types, totaling more than 1 million square feet of commercial space, according to the company.
If completed, it would be a record number for the developer, following a year that saw the delivery of 18 buildings comprising more than 620,000 square feet of speculative commercial space, as well as the acquisition of three commercial portfolios totaling 225,000 square feet in 2022.
“Robust leasing activity across our national portfolio produced among the highest leasing revenue in our company’s 51-year history last year,” Larry Maykrantz, president and CEO of St. John Properties, said in an email to Commercial Observer.
“Strong interest for our various product types persists given our company’s ability to host a diverse range of users. Based on these results, we will remain proactive in constructing new space as well as searching for acquisition opportunities, including both land and stabilized, value-add properties.”
Among the spec development will be an 86,143-square-foot office building at 8150 Maple Lawn Boulevard in Fulton, Md., which St. John will build in partnership with Greenebaum Enterprises.
On the non-spec front, St. John Properties is also developing a 388-unit luxury apartment community in Bowie, Md., known as The Aspen at Melford Town Center, in partnership with Somerset Companies.
St. John Properties operates in 10 states across the country after opening offices last year in Raleigh, N.C., and Austin, Texas. Other spec development is planned in Utah and these new locations.
Keith Loria can be reached at Kloria@commercialobserver.com.