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Stanley Black & Decker signs new Towson lease

Stanley Black & Decker singed the first lease at the recently overhauled 210 Allegheny Ave. property. (Photo courtesy Chesapeake Real Estate Group LLC)

Stanley Black & Decker signed the first lease at the recently overhauled 210 Allegheny Ave. property in Towson. (Photo courtesy Chesapeake Real Estate Group LLC)

Stanley Black & Decker signed the first lease at 210 Allegheny Ave. in Towson following renovations to the building that cost in excess of $1 million.

Chesapeake Real Estate Group LLC and Cicero Capital Partners LLC purchased the five-story, 30,000-square-foot property in downtown Towson in the fall of 2016. The property was formerly occupied by law firm Venable LLP.

“Attracting a company with such a prominent profile, both within their industry and in the Maryland business community, as our first tenant represents a significant win and validates the investment of our renovation program,” Christopher Murray, of Chesapeake Real Estate Group, said in a statement. “We continue to experience strong leasing interest for the remaining spaces as companies recognize the best-in-class office product we have created in Towson.”

When renovations on the building started in July Murray said the goal was to turn the building into a trophy-quality asset. Improvements to the property include reskinning, adding new windows and overhauling all common areas.

Representatives from Stanley Black & Decker, which is leasing 6,600 square feet on the building’s top floor for a single division, said improvements to the building were a major factor in signing a lease. It’s location in an amenity-rich area of downtown Towson was also a contributing factor.

In recent years tenants have been abandoning traditional suburban office parks for buildings with more amenities to attract younger employees, who prefer live, work and play environments. This generally has resulted in companies moving from the suburbs back into cities.

But in the Baltimore metro area the suburban office market has remained comparatively strong. Last year, according to a report from Newmark Knight Frank, suburban office markets absorbed 1.4 million square feet more office space in aggregate than did the city.

Much of the relatively strong suburban market can be attributed to problems in the city related to crime and transportation issues. But Baltimore City is also competing with suburban areas, such as Columbia and Towson, where developers have invested heavily in creating walkable, amenity-rich environments.

Downtown Towson has experienced a boom in investment in recent years. In 2014, Cordish Cos. completed the $85 million Towson Square project. Retail Properties of America broke ground this fall on a $125 million mixed-use Towson Circle on the site of a former Hutzler Bros. Department Store. Greenberg Gibbons is expected to restart work on the long delayed Towson Row development following Baltimore County’s move to provide more than $40 million in aid for the project.

New construction in that area has attracted more investment to properties in downtown Towson. CSG Partners purchased the Towson Commons late last year and announced plans to invest millions in upgrading a building that was 90 percent leased at the time of the sale.

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