The region’s long, rainy spring may lead to a season of growth in Baltimore-area commercial real estate, if the more than 78,000 square feet of leased space Merritt Properties has signed in the past six weeks is any indication.
Merritt, which owns and manages the largest privately-held commercial real estate portfolio in the Baltimore/Washington region, announced it recently signed the following leases in Baltimore County:
• 20,629 square feet for 10 years at Schilling Green in Hunt Valley to Atradius Trade Credit Insurance, Inc., one of the world’s largest credit insurers. Atradius will move from White Marsh Aug. 1.
• 15,200 square feet for 10 years at Timonium Two to New Enterprise Associates. NEA, as the company is known, is a leading venture capital firm, which plans to move from its Charles St. location in Mt. Vernon on Jan. 1, 2010.
The Timonium One and Two buildings are a joint partnership between Merritt Properties and David Bavar of Bavar Properties Group, LLC; Schilling Green is solely owned and managed by Merritt.
“We are very pleased that Atradius and NEA selected Merritt Properties buildings for their new headquarters,” said Scott Dorsey, Merrit’s president. “Both firms found the right fit for their businesses in two very different, high-quality buildings, and they recognized our ability to service their needs on an ongoing basis.”
Merritt recently completed a major green renovation of Schilling Green, which is a three-story, Class A office building with 106,280 square feet. Located at 230 Schilling Circle in Hunt Valley, the building is a registered LEEDÒ Core and Shell project intended for Gold Certification. It also has a state-of-the-art fitness center and a planned full-service deli.
According to Cushman & Wakefield’s Tim Jackson, who represented Atradius in the transaction, the company was attracted to the beauty of the building and its LEED status. Jackson called it “the perfect tenant for the perfect building.”
Located at 1954 Greenspring Drive in Timonium, Timonium Two is a 200,000-square-foot Class A office building with a new state-of-the-art fitness center and a renovated deli. Merritt’s interior construction team will work with NEA, which plans to pursue a LEED for Commercial Interiors Certification for their new space.
In addition to the Atradius and NEA transactions, Merritt signed leases for an additional 42,576 square feet at its properties at 10 Loveton Circle, 215 Schilling Circle and 1954 Greenspring Drive.
About Merritt Properties
As an established market leader with more than 40 years of experience and success, Merritt Properties has an unmatched reputation for our commitment to our customers and the communities we serve. With nearly 15 million square feet in more than 70 locations, Merritt owns and manages the largest privately held commercial real estate portfolio in the Baltimore/Washington area.