Merritt Properties Acquires Baltimore-Area Office Campus
- May 19, 2020
Merritt Properties has expanded its portfolio in Howard County with the purchase of Lyndwood Executive Center, a two-building Class A office campus in Elkridge, Md. Merritt’s leasing team told Commercial Property Executive that the seller was an affiliate of BentallGreenOak.
READ ALSO: How COVID-19 Is Affecting Investment
Located at 6085 and 6095 Marshalee Drive, Lyndwood Executive Center is 98 percent leased to 13 tenants that include software developer Ancile Solutions, website development firm Network Building & Consulting and the Howard County Government. The 164,730-square-foot, three-story office buildings were designed in a campus-like setting that offers various floorplans to suit all types of tenant needs. Lyndwood Executive Center, which has achieved LEED Silver certification, also includes 788 parking spaces. The property is located by Route 100, with nearby access to Interstate 95 and Routes 29, 103, 104 and 108.
Vince Bagli, who is part of Merritt’s leasing team, said in prepared remarks that Howard County has been a strong submarket for the company and its industrial and mid-rise office portfolio. Bagli told CPE that Merritt is an opportunistic real estate company that is always looking for projects that complement its existing portfolio. Bagli added in his prepared statement that Lyndwood Executive Center fitted with the portfolio’s other office properties including Columbia Corporate Park and Meadowridge that are also located in Howard County.
Liz Tarran-Jones, who is also part of Merritt’s leasing team, said in prepared remarks that Howard County attracts a highly educated labor force since it is located between Baltimore and Washington, D.C. She added in her prepared statement that the area can suit a variety of tenants including government, health-care, technology and education institutions.
Merritt’s Maryland portfolio
Tarran-Jones also said in her prepared remarks that Merritt has 904,000 square feet of Class A office space leased to 126 tenants throughout the Maryland cities of Columbia, Elkridge and Ellicott City. Outside its 39 office properties in Maryland, Merritt also owns several office assets in Virginia and North Carolina.
In November, Merritt also acquired a vacant office building in the Baltimore area from Greenfield Partners. Merritt plans to upgrade the property and achieve LEED Silver certification.