The 10-story Class A Towson Commons office building sold for $18 million to Baltimore-based real estate investment and development company CSG Partners.
The building in downtown Towson features an eight-story parking garage and was 90 percent leased at the time of the sale last month.
“The sale of Towson Commons represents a new chapter with the building. The new owner plans to invest millions to upgrade the building,” Jonathan Carpenter, executive director of Cushman & Wakefield’s Baltimore office, said in a statement. “These capital enhancements, combined with the new retail amenities on the ground floor and the highly successful LA Fitness facility, will make the building one of the premier office locations in Baltimore County.”
Cushman & Wakefield’s Graham Savage, Nicole Keelty and Andrew Posil assisted in representing the buyer in the transaction.
The downtown Towson area has drawn significant interest from investors recently. Retail Properties of America broke ground last year on the $125 million Circle East Project. Greenberg Gibbons took over the stalled Towson Circle project from Caves Valley Partners last year, and Baltimore County approved $43 million in subsidies for the development.