Linthicum Office Park Changes Owners
- Jul 24, 2015
By Adrian Maties, Associate Editor
As of July 1, West Quest Technology Park in Linthicum is under new ownership.
Columbia Property Trust, Inc. announced the sale as part of an 11-property, national portfolio that changed hands for $433.3 million. The buyer was an unnamed real estate private equity fund. Jonathan M. Carpenter, William Collins, Nicole R. Keelty and Graham Savage of DTZ’s Capital Markets team represented Columbia in the transaction.
The West Quest Technology Park consists of two Class A office buildings, located on more than 20-acres at 1580 West Nursery Rd. within the Baltimore-Washington Corridor. The two properties, which are currently fully leased by Northrop Grumman, offer 315,350 square feet of space. They serve as the corporate headquarters for the global security company’s Electronics Systems Sector.
According to PropertyShark, West Quest has a market value of $93.1 million.
Columbia acquired the property for $97.6 million in September 2008. This spring, the Atlanta-based REIT revealed plans to reshuffle its portfolio with the disposition of 14 assets— including West Quest Technology Park—during 2015.
With 11 of those properties now gone, Columbia is looking to sell the remaining three. The remaining assets are 1881 Campus Commons in Reston, Va.; 800 N Fredrick Avenue in suburban Maryland; and 263 Shuman Boulevard in suburban Chicago. The sale of the first office building is expected to close in the third quarter of 2015, the second by the end of the year, and the third in 2016.
“The pricing for the first 11 properties is in line with our expectations, and we are confident that, with the sale of the three remaining properties, total proceeds will be within our expected range of $500 million to $600 million,” Nelson Mills, president & CEO of Columbia, said in a prepared statement. The REIT plans to use the proceeds from the sale of the 14 assets to reduce outstanding borrowings.
Image via DTA