This Week's Baltimore Deal Sheet
Engineering services firm Relative Dynamics Inc. plans to relocate its headquarters and about 50 employees from Greenbelt to Laurel this fall.
The company, which provides systems engineering and communication services to aerospace entities, including NASA, signed a lease for 14,430 SF of office space at 14400 Sweitzer Lane, Baltimore-based St. John Properties announced.
“We are currently nearby in Greenbelt and did not want to stray too far away from our employees and cause them inconvenience with a longer commute,” Relative Dynamics Chief Operating Officer Antriksh Patel said in a statement. "The building fits each of our requirements including an open floor plan, free parking and a central location near our customers."
St. John Properties purchased the four-story, 21K SF, Class-A office building at 14400 Sweitzer Lane in 2020 for $10.9M, according to Maryland property records. Since acquiring the building, the development firm poured $1.5M into improvements, including upgrading its HVAC system, adding amenities including a fitness center, and improving the building’s lobby with modern furnishings and finishes.
SALES
Pigtown Commons, a mixed-use property at 803-807 Washington Blvd., has traded hands. Multifamily investment sales firm Harbor Stone Advisors brokered the sale of the mixed-use property for an undisclosed price, it said in a press release. Harbor Stone represented the seller, 803 Washington Blvd LLC, an entity registered to Baltimore real estate investor Neil Katz, according to the Reonomy property database.
LEASES
Eye care firm Alcon Vision has extended its full-building lease of roughly 142K SF of Class-B industrial space at Meadowridge Business Park in Elkridge. Colliers Senior Vice President Mike McGugan, who represented Alcon Vision in the transaction, confirmed the lease extension via email.
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The Howard Hughes Corp. recently revealed a list of new restaurants that have agreed to leases in the Merriweather District, which is part of the firm's planned $5B overhaul of downtown Columbia. New eateries coming to the district include Banditos Tacos and Tequilas, The Blackwall Barn & Lodge, and Toastique.
FINANCING
Baltimore-based M&T Capital Corp. said Wednesday it closed a $15.9M Freddie Mac Target Affordable Housing loan to finance the construction of a 111-unit senior housing project in Montgomery County. The county and the Maryland Department of Housing and Community Development are providing secondary debt for the project, which was also granted a payment-in-lieu-of-taxes arrangement on the real estate. The Baltimore office of M&T Capital Corp. closed nearly $39M in combined loans last week, financing separate purchases of multifamily assets in Ohio and Utah, it said in a release.
PERSONNEL
St. John Properties promoted Bill Jautze and Lacey Johansson to assistant vice presidents of leasing. Both previously worked as leasing representatives at the company. In their new roles, Jautze and Johansson will seek leasing opportunities at the company’s Maryland-area commercial real estate portfolio.
