McCormick & Co. placed 60 acres of land and two of its headquarters buildings in Hunt Valley and Sparks on the market.
The properties include a four-story office building at 211 Schilling Circle, totaling 128,471 gross square feet on six acres, and a five-story property at 18 Loveton Circle, totaling 145,271 square feet on 54 acres of land.
“While long-planned as part of our headquarters consolidation strategy, moving out of these facilities will certainly be bittersweet,” Lori Robinson, McCormick’s vice president for corporate communications and branding, said in a statement. “For over three decades, thousands of our employees have come through the doors every morning to grow McCormick into the global leader that it is today.”
Commercial real estate firm CBRE Group Inc. has been hired to handle the sale of the properties, which McCormick intends to leave by the end of 2018.
In August McCormick finalized an agreement with developer and property owner Greenfield Partners LLC to consolidate its headquarters at 99 Shawan Road in Hunt Valley, which will allow the firm to bring 900 employees to one site.
Maryland and Baltimore County offered the company $4 million in incentives to stay in Hunt Valley, with the county offering $1.8 million in infrastructure improvements along with a $200,000 conditional loan. That represented a dollar-for-dollar match in state incentives, which was unique because the jurisdiction traditionally provides a 10 percent match.
Keeping the company in Maryland – McCormick is one of the largest employers in the Baltimore metro area — was a top priority for Gov. Larry Hogan’s administration as well as Baltimore County Executive Kevin Kamenetz. There was concern that the company may move its headquarters out of state to Delaware, Pennsylvania or Virginia in search of lower taxes.
Despite market factors, such as millennials’ preference for city living that is making suburban office developments less attractive, the Hunt Valley section of Baltimore County has performed well. In the first quarter of this year, according to a report from Cushman & Wakefield, the Suburban North submarket posted the area’s lowest vacancy rate at 8.6 percent.
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