Acting on behalf of an institutional investor, CB Richard EllisInvestors, represented by CB Richard Ellis' Capital MarketsInstitutional Group, sold the office and retail destination. Theparties involved are not releasing the financial terms of thetransaction.


Developed in 1992 Towson Commons is located at the intersectionof York Rd. and W. Pennsylvania Ave. Goucher College and theone-million-sf Towson Town Center shopping mall sit just withinblocks of the property. The office segment of Towson Commonsaccounts for 221,200 sf of space, with Wed MD affiliate ViPSserving as the lead tenant. The retail portion offers about 103,300sf, part of which is home to anchor tenant AMC Theaters. Otheroccupants include State Farm Insurance, United Equity and RubyTuesday. An eight-level parking facility to accommodate 950vehicles is also part of the property.


Jones Lang LaSalle, which had been handling the leasing andmanagement of Towson Commons and will continue to do so under thenew ownership, markets the property's space for as much as $24 persf. Renovation of the retail segment is scheduled to get under waynext year and will wrap up in 2008.

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