Holliday Fenoglio Fowler (HFF) has arranged a joint venture valued at $65.7 million for three Class-A office properties in Howard County, Md. The properties include 8161, 8170 and 8171 Maple Lawn Boulevard.
HFF represented Greenebaum & Rose Associates Inc. in the transaction with St. John Properties. The two firms will share ownership of the three Class-A office buildings under the new agreement and will co-develop future office buildings within Maple Lawn, a 600-acre mixed-use development just east of Columbia Pike in Howard County.
The development is equidistant between Washington, D.C. and Baltimore, Md. The three office buildings total 285,000 sq. ft. and are 97% occupied by tenants that include Raytheon Solipsys, Offit Kurman and Yumkas, AAA, Pearl Spa and New Day Financial.
The HFF team representing Greenebaum & Rose was led by senior managing directors Jim Meisel and Dek Potts.
Greenebaum & Rose is a privately owned real estate company formed in 1981 that has extensive holdings throughout the Washington, D.C. and Baltimore metro areas. Greenebaum & Rose focuses on office and large-scale mixed-use developments.
St. John Properties Inc. is one of the Mid-Atlantic region’s largest privately held commercial real estate firms. Headquartered in Baltimore, the company owns and has developed nearly 15 million sq. ft. of office, research and development/flex, and retail space.
“For a long time we’ve been recognized as a leader in the flex marketplace, but over the past decade we have diversified our portfolio,” says Ed St. John, founder and president of St. John Properties.
“This new Maple Lawn joint venture, added to our properties at The Gate at Aberdeen Proving Ground, Maryland Science & Technology Center in Bowie and other business centers means that a significant percentage of our portfolio will be multi-story, Class-A office or retail space,” adds St. John.
HFF operates out of 19 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.