LEED Gold, Transit Oriented Suburban Office Portfolio in the BWI Submarket Sold for $57.5M
BALTIMORE – Cushman & Wakefield announced today that it has arranged the sale of Station Ridge. The three-building, 265,354-square-foot Class A office portfolio is located at 7031-7037 Ridge Road in Hanover, MD. Boston-based Tritower Financial Group acquired the portfolio for $57.5 million, or $217 per square foot.
The seller, an institutional owner of real estate, was represented by the Cushman & Wakefield Baltimore Capital Markets team of Jonathan Carpenter, Nicole Keelty and Graham Savage.
“This transaction proves there is a vibrant market for well-positioned and modernized suburban office assets in the Baltimore Washington region,” said Mr. Carpenter, Executive Managing Director of Cushman & Wakefield. “The transit-oriented location and LEED certification, combined with strong tenant credit and lease term, drove strong interest in the property and will provide the new owner with secure cash flow and additional upside.”
John Campanella, Executive Managing Director of Cushman & Wakefield in Washington, D.C., arranged the acquisition financing on behalf of Tritower Financial Group.
“For strong sponsors like Tritower Financial Group, we continue to see very competitive pricing and leverage from the banks,” said Mr. Campanella.
Station Ridge is strategically located within three miles of BWI Thurgood Marshall Airport and five miles of the National Security Agency and Fort Meade. The portfolio is 82% leased to four strong credit tenants and serves as the global corporate headquarters for technology firm Ciena Corporation (NYSE: CIEN). Station Ridge offers direct access to Amtrak and MARC trains at the BWI Rail Station via an elevated pedestrian bridge. Each three-story building is LEED Gold certified and includes spacious lobbies, high-end tenant spaces, state-of-the-art mechanical systems and ample parking in a professionally landscaped campus setting.