COLUMBIA, MD-Rivers Business Commons, a multitenant office complex here, has traded for $12.6 million, a source tells GlobeSt.com. The complex consists of four single and two-story buildings totaling 101,596 square feet. The property, located at 8945-8975 Guilford Rd., traded to Washington DC-based Fernau LeBlanc Investment Partners. Cushman & Wakefield's capital markets team of Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley represented the seller, an affiliate of Greenfield Partners.
Rivers Business Commons is currently 87% leased to such tenants as St. Agnes Hospital, Black & Veatch and Beazer Homes.
The building design is unusual for the submarket, Abramson tells GlobeSt.com. There are no common areas, such as a lobby. Instead the tenants walk into their suits directly from the street. Abramson notes there has been little new construction in the BW corridor, especially for office, which means Rivers Business Common is well situated for the recovery.
"As we come out of the recession, this is the product that will do best – multitenant office that serves a wide range of professionals," he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
