Baltimore LEED Gold Certified Asset Changes Ownership
- Aug 14, 2017
Baltimore-based Merritt Properties has expanded its footprint in the Northeast with the recent acquisition of a five-story office building located in Baltimore’s Towson area. The company purchased the 121,414-square-foot property at 100 West Road from TA Associates Realty of Boston for an undisclosed price.
“Towson is a major employment center and a hub of a variety of businesses and corporate headquarters,” said Scott Dorsey, CEO of Merritt Cos., in prepared remarks. “In addition to representing a stable market, the area is growing rapidly as evidenced by many recent developments.”
TA Associates Realty acquired the office property from Maryland State Retirement and Pension System for $18.8 million in 2011.
Fully Occupied LEED Gold Asset
Completed by GMH Capital Partners in 1988 and renovated in 2007, the office building is 100 percent leased to a list of tenants such as Comcast, Robert W. Baird & Co., Regus and Liberty Mutual. Building naming rights with visibility form Interstate 695 are currently available, and about 2,100 square feet of space will become available for lease in the first quarter of 2018.
In 2010, 100 West Road achieved LEED Gold Certification. Two years later, the building was awarded an ENERGY STAR label for operating efficiency. The property offers 486 surface parking spaces at a ratio of 4 spaces per 1,000 square feet, as well an on-site fitness center.
Merritt Properties owns more than three million square feet of space located across the state of Maryland, with some 825,000 square feet concentrated within the Towson/Timonium submarket of Baltimore County.
Image courtesy of Yardi Matrix