News
TOWSON TIME
April 7, 2011
| Wow—Tuesday was our first day over 80 degrees since last summer, and yesterday saw 2011?s first Towson office sale over $10M. Are we on a hot streak or what? |
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| LaSalle Investment Management sold 100 West Rd for $18.7M to TA Associates Realty in an all-cash deal. CBRE's Bo Cashman (who repped the seller with Jonathan Beard) tells us the deal?s a sign that we're headed back to normal yearly volume in office sales ($400M to $500M a year). Bo says the 88% leased, 121k SF building got 10 bids; its biggest tenants include KLNB and JP Morgan. LaSalle owned the building for 10 years, Bo says, and felt it was a good time to sell the LEED Gold asset. |
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| More good news for Towson: yesterday the Maryland Dept. of Business & Economic Development offered Stanley Black & Decker a $1M conditional loan for its $12M renovation of 701 East Joppa Rd. What's the condition? DBED?s Tim Doyle says SB&D has to keep the Towson building's 1,100 employees and 200 workers in other locations across the state, among other requirements. Tim says the state's motivation is to preserve jobs. Wondering about the picture? That's SB&D exec Jeffery Ansell, DBED secretaryChristian Johansson, and Baltimore County exec Kevin Kamenetzchecking out a SB&D drill used on the Apollo moon landings. |
