Real Estate Weekly: Jan. 22, 2015

At the Crossroads

Pro Transport Inc., a transportation and logistics company, is staying at the Baltimore Crossroads. St. John Properties announced the company has leased 51,120 square feet at 11630 Crossroads Circle, a single-story R&D/fex office building. The company will move from its current home at 11600 Crossroads Circle this spring after the new building is complete. The move was necessary because Pro Transport Inc. needed room to grow. Baltimore Crossroads, a 1,200 acre mixed use development located near the White Marsh area of Baltimore County.

More meds in Mo. Co.

The office market in the Maryland’s Washington D.C. suburbs hasn’t been great. The submarket is still licking its wounds from government spending cutbacks. But medical companies continue to flock to offices in Montgomery County. French medical device certification firm LNE/G-MED announced it’s moving its North American headquarters to 3930 Knowles Ave. in Kensington. The company will occupy 2,530 square feet of space, and that brings the occupancy rate at the 15,000-square-foot building to 90 percent. Scheer Partners represented landlord Knowles Avenue Joint Venture in the transaction.

Even More Mo. Co. meds

Architecture and design firm Perkins+Will also announce the completion of the expansion and renovation of the Helen P. Denit Center for Radiation Therapy for the MedStar Montgomery Medical Center in Olney. The project involved a 4,000-square-foot addition and a renovation of the existing 5,000-square-foot facility. Perkins+Will were tasked with one particular goal in with the renovation and expansion, creating an atmosphere that reduces stress for patients.

Canned Grub

Restaurateur Irena Stein, who has four eateries including Azafran and Alkimia on the Johns Hopkins University campus, plans on opening a new 90-seat restaurant called Alma Cocina Latina at The Can Co. building. Cross Street Partners will handle the build out of the restaurant in the 3,900-square-foot space and it is expected to open this spring.

Nice Stat

Baltimore’s total 2014 office leasing reached 2.9 million square feet, according to Cushman & Wakefield’s Marketbeat Office Snapshot. The company calls that total “surprising” and also reports that direct average asking rent increased in the fourth quarter to $22.84 per square foot.

The Baltimore/Washington D.C. regional flex and industrial market had a very good year. Delta Associates reports a net absorption of 6.3 million square feet during 2014. That’s almost double what was absorbed in 2013. The firm also predicts the direct vacancy rate to fall to 8.6 percent in 2015.

Stepping Down

Joseph McNeely, citing family reasons, announced that he will step will step down as director of the Central Baltimore Partnership on June 20.The organization made the announcement in a news release on Monday morning. Fred Lazarus, former president of the Maryland Institute College of Art, will chair the search committee to find McNeely’s successor.

About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.

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