By Adrian Maties, Associate Editor
Rockville, MD-based BECO Management, Inc. has announced the acquisition of Owings Mills Corporate Center I & II, two properties in Owings Mills, MD that total more than 330,000 square feet of office space. The commercial real estate management company plans to invest significant capital in infrastructure, cosmetic and amenity improvements and it unveiled its 100-day action plan on January 8.
Owings Mills Corporate Center I was built in 1987 while Owings Mills Corporate Center II was built a year later. The campus is home to a variety of corporate tenants such as Aon Corporation, BB&T, the Law Offices of Sheela Murthy, and CareFirst of Maryland. It is adjacent to the Owings Mills Mall and within walking distance of the Owings Mills Metro Station. I-95, I-695 and I-795 are also close by and downtown Baltimore is just 25 minutes away.
“The Owings Mills Corporate Center campus is the perfect addition to our portfolio—like our other buildings, they’re well-constructed, provide an ideal development platform and are centrally located in a growth-rich location,” said Jeffrey Cohen, BECO Management’s co-founder and CEO, in a press statement. Two real estate companies, Colliers International and Cassidy Turley, have recently released market reports for the fourth quarter of 2012, showing that the Baltimore office market continues to improve. BECO Management has a portfolio of 71 buildings comprising more than 5.5 million square feet of office, flex and warehouse space throughout the greater Washington-Baltimore metropolitan area and Charlotte, North Carolina.
BECO has assembled a first-rate team to implement the Owings Mills improvement plan. “Our team is hard at work transitioning the properties, improving the level of service, property maintenance and amenities to BECO standards, and building a perfect work environment for current and future tenants,” according to Cohen.
“If there is one landlord who can return these buildings to their former market prominence, it is BECO. They are renowned for developing longstanding relationships with tenants as well as delivering the highest service levels and best-in-class amenities in the industry,” said Gary Applestein, managing director and principal, Baltimore Region, Colliers International.
Charts courtesy of Cassidy Turley.
Photo credits: Cushman & Wakefield.