Massachusetts-Based Partnership Acquires Annapolis Office Building

ANNAPOLIS, MD—A partnership of three Massachusetts based real estate investment firms— Alta Properties LLC, Grander Capital Partners and Boston Andes Capital—has acquired a nearly 126,000-square-foot office building on Admiral Cochrane Drive here.

The building at 180 Admiral Cochrane Drive in in the River Road corridor of Annapolis totals 125,728 square feet of Class A office space. No financial details of the transaction were released.

The property’s location offers access to the area’s major roadways, and proximity to Washington, DC, Baltimore, and Maryland’s top employer Ft. Meade.

“This investment offered the opportunity to acquire a recently renovated office property in what has historically been a tight office market,” says Kathleen Joyce Kusiak, owner, and managing partner at West Newton, MA-based Alta Properties. “We expect vacancy in the Annapolis office market to remain low given the high barriers to entry and a lack of available land.”

Recent improvements at 180 Admiral Cochrane include a completely renovated lobby, new common corridors, a new roof, and additional parking. The property also boasts a suite of amenities that today’s Class A tenants demand, including a deli, fitness center, and adjacent daycare.

Jeff Clary, partner at Grander Capital of Needham, MA, says 180 Admiral Cochrane Drive is currently 78% occupied to a mix of diverse tenants. “Our goal is to leverage our experience and established relationships in this market to increase the value of the property through efficiencies in management and leasing,” he notes.

Kusiak’s relationship with Grander Capital Partners began in 2013 and since that time the firms have partnered on 15 office and industrial properties totaling nearly 2 million square feet in the Northeast, Dallas, and Mid-Atlantic markets.