Five-story office building at intersection of Bosley Avenue and Allegheny Avenue now 45% leased
Stanley Black & Decker has signed its second 6,600 square foot, full-floor lease with Chesapeake Real Estate Group, LLC (CREG) and Cicero Capital Partners, LLC (CCP) within 210 Allegheny Avenue, a five-story, 30,000 square foot commercial office building positioned in the central business district of Towson, Maryland in Baltimore County. The company executed a 6,600 square foot lease at the building in January and currently occupies the entire fifth floor. Stanley Black & Decker expects to move into this additional requirement in fall 2018. Christopher Murray, Vice President of Chesapeake Real Estate Group represented the landlord and Douglas Brinkley, Senior Managing Director at Cushman & Wakefield represented the tenant in this transaction, which elevates leasing at the building to 45%.
Chesapeake Real Estate Group and Cicero Capital Partners acquired the asset in fall 2016 and immediately instituted a $1 million improvement strategy highlighted by the installation of a new building exterior, window package and coating that created a modern appearance. Additional enhancements included new flooring and exterior signage, the renovation of all common areas and bathrooms and a reimagining of the first floor lobby.
“Stanley Black & Decker is among the most high-profile and well-respected companies in the region, and their presence occupying two floors in 210 Allegheny Avenue represents a tremendous beginning to our leasing activities,” explained Christopher Murray of Chesapeake Real Estate Group. “This real estate decision will positively impact the greater Towson business district with the addition of new professionals that will patronize local restaurants and shops. The building has risen to best-in-class status in this sub-market, and we continue to generate strong leasing interest for new requirements.”
210 Allegheny Avenue features 6,600 square foot floorplates to support multi-tenant uses ranging in the 1000 to 3000 square foot range while also accommodating full-floor requirements. The building is within walking distance from the County Courthouse and the central business core, including a number of business amenities including sit-down and fast-casual restaurants at all price points.
“Leasing additional space in 210 Allegheny Avenue for Stanley Black & Decker’s Emhart Teknologies provided an efficient expansion alternative,” stated Douglas Brinkley, Senior Managing Director at Cushman & Wakefield. “The building offered fundamental factors critical in this decision including a strategic location, available parking, and nearby amenities in the immediate vicinity.”
Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland, is a fully-integrated commercial real estate operating company that focuses on real estate development, leasing, property management and brokerage services. The company owns a diverse portfolio encompassing Class “A” industrial and commercial office properties, as well as retail centers. Chesapeake Real Estate Group also participates in joint venture partner arrangements on select investments. The firm currently has more than four million square feet of industrial projects planned or under construction in the Mid-Atlantic region and over three million square feet under management. Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Center, Baltimore Crossroads @95 and 210 Allegheny Avenue. For more information visit www.cregllc.com
Cicero Capital Partners, LLC, established in 2009, is an SEC registered investment adviser located in Columbia, Maryland. Cicero specializes in alternative asset management strategies, with expertise in commercial real estate assets, commercial mortgage backed securities, agency mortgages, and other public and private commercial real estate related securities and investments. For more information visit www.cicerocapitalpartners.com
