St. John Properties Buys Baltimore-Area Office Portfolio

St. John Properties has acquired a three-building office portfolio in Hunt Valley, Md., totaling 300,000 square feet. Transwestern represented the seller, while the buyer handled the purchase in-house.

MacKenzie Commercial Real Estate Services previously owned the Class A properties, according to Yardi Research Data. The company purchased the assets in 2019 from Greenfield Partners for $44 million, the same source shows.

The collection was 63 percent leased at the time of the transaction and is part of the larger, five-building North Park office campus.

Notable tenants include Travelers Insurance, RCM&D, AP Benefits Advisors and AECOM. Strong leasing velocity in Maryland is noticeable this year, as companies are increasingly calling their employees back to the office, reversing pandemic-era trends, stated St. John Senior Executive Vice President Sean Doordan in prepared remarks.

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St. John Properties is currently developing Hunt Valley Exchange, a 112,000-square-foot mixed-use project containing flex/R&D and retail space located less than a mile from the office building campus. The company acquired the land for development in 2023, and construction is expected to be completed in 2026.

Planned upgrades for the campus

Completed between 1983 and 1987, the buildings encompass the five-story, 127,000-square-foot 4 N. Park Drive, the four-story, 82,000-square-foot 6 N. Park Drive and the four-story, 86,000-square-foot 10 N. Park Drive.

While all three buildings underwent cosmetic renovations in 2020, the new owner plans to bring new HVAC systems, updated interiors to common areas, new signage and improved landscaping to the property. Amenities at the campus include a conference center, a catering kitchen, a fitness center and walking trails.

Located at the intersection of York and Shawan Road, the property is next to the Hunt Valley Town Centre, a mixed-use development which features dining and retail options. The office building park is also close to Interstate 83 and Interstate 695, along with providing transit access to MTA bus and light rail routes. Downtown Baltimore is less than 19 miles away.

The Transwestern team representing the seller included Executive Vice President Gerry Trainor, Managing Director Jim Cardellicchio and Senior Analyst Rowan Miller. St. John Properties was self-represented by Senior Executive Vice President Sean Doordan and Director Alex Lyons.