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ARBUTUS, MD-Merritt Properties LLC has acquired two class A office structures within [email protected] research and technology park in Baltimore County. The sale price was $22.5 million, according to industry sources not associated with the transaction.

Grosvenor sold the structures to with the assistance of Colliers Pinkards’ Philip C. Iglehart, Andrew J. Smith and James S. Wellschlager, who served as the sole brokers. Located at 5521 and 5523 Research Park Dr., the fully occupied buildings account for an aggregate 123,000 sf of space.

Sited on a 41-acre parcel, [email protected] sits just across from the University of Maryland. Developed in 2001, the three-story 5521 Research Park features 63,000 sf, while the one-year-old building at 5523 Research Park provides 60,000 sf. The sale also involved the conveyance of ownership of the long-term ground lease on the eight acres the buildings occupy.

It also marked Grosvenor’s divestment in [email protected] “This is part of Grosvenor’s overall US strategy to concentrate our holdings in four major markets–Washington, DC, Chicago, Los Angeles and San Francisco–while focusing on urban office and boutique retail product,” Grosvenor senior vice president Andrew Galbraith says.

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