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ANNAPOLIS, MD-Internet application services provider USinternetworking Inc. has sold its two-building real estate holdings in return for $25.5 million. Together, the structures account for 213,000 sf of office space and have an assessed value of approximately $19.4 million. USinternetworking houses its corporate headquarters in one of the buildings and continues to occupy that space under a lease agreement with the new owner.

NAI KLNB Inc. represented the buyers, while Newmark & Bank stood in for the seller. “NAI KLNB successfully located two buyers for these assets in Annapolis which, in turn, allowed USinternetworking to meet their real estate exit strategy objectives,” NAI KLNB’s Craig Morrell notes.

Corporate Office Properties Trust purchased the USinternetworking headquarters building, a single-story structure at 2500 Riva Rd., for $18 million. It consists of 155,000 sf of space and is 40-years old. The second and last building in the portfolio, 175 Admiral Cochrane Dr., sold to KCS Admiral II LLC for $7.5 million. The four-story, 16-year-old structure offers 58,000 sf of space and is nearly 60% leased. NAI KLNB will stay on board to handle leasing and management activities at 175 Admiral Cochrane on behalf of KCS.

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