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Stanley Black & Decker adds lease in downtown Towson

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

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

Stanley Black & Decker has doubled its space at a recently renovated downtown Towson office building after signing another full-floor lease at the five-story property.

The tool maker has signed a 6,600-square-foot lease at 210 Allegheny Ave., according to a statement released Wednesday by Chesapeake Real Estate Group. Stanley Black & Decker signed a lease for the building’s 6,600-square-foot fifth floor in January.

“Stanley Black & Decker is among the most high-profile and well-respected companies in the region, and their presence occupying two floors in 210 Allegheny Ave. represents a tremendous beginning to our leasing activities,” Christopher Murray, of Chesapeake Real Estate Group, said.

Douglas Brinkley, senior managing director at Cushman & Wakefield represented the tenant and Murray represented the landlord in the deal.

This most recent lease from Stanley Black & Decker boosts occupancy in the building to 45 percent. Chesapeake Real Estate Group and Cicero Capital Partners purchased the building in the fall of 2016 and invested $1 million in upgrades to the asset.

Those improvements include a new exterior to give the property a more modern appearance. Interior improvements include overhauling the lobby, renovating common areas and bathrooms, and new floors.

Full-floor plates, totaling 6,600 square feet, can accommodate multi-tenant uses ranging in size from 1,000 to 3,000 square feet in addition to full-floor tenants. Murray touted the building as being “best-in-class” in a thriving submarket that has attracted significant development interest.

The building is, barely, within the area that Towson University wants designated as a Regional Institution Strategic Enterprise (RISE) Zone. If the state grants the university’s request for the designation, businesses that locate to the building, provided they invest at least $5 million and create a minimum of 50 jobs, could be eligible for tax credits. A decision by the Maryland Department of Commerce regarding the creation of the RISE zone is expected early next year.

The Towson area office market has more nearly 4.9 million square feet of space, a direct vacancy rate of 12.2 percent, and average asking rental rate of $21.01 per square foot, according to a second-quarter report by MacKenzie Commercial Real Estate Services. By comparison the overall Baltimore metro area posted a direct vacancy rate of 12.9 percent and the average asking rental rate currently is $22.89 per square foot.

The new leases will benefit the broader Towson business district, Murray said, by adding employees who will shop and eat at area enterprises.

In recent years the Towson area has tried to transform itself from suburban county seat to a live, work, and play environment. The area has drawn more than $1 billion in real estate development activity, spurred in large part by the growth of Towson University, which estimates its annual economic impact to the area at $1.8 billion.

Retail Properties of America broke ground on the $125 million Circle East project late last year at the site of the former Hutzler Bros. department store. That project calls for transforming what was known as Towson Circle into a 240,000-square-foot mixed-use project with retail and restaurant space. AvalonBay is handling the construction of 370 residential units as part of the project.

Greenberg Gibbons, in a joint venture with Caves Valley Partners, also celebrated the ceremonial start of construction on the $350 million Towson Row project in June. After a nearly three-year delay because of bedrock on the five-acre site at the southwest corner of the intersection of West Susquehanna Avenue and York Road the 1.2 million-square-foot mixed-use project is expected to deliver in 2020.

In January, CSG Capital Partners announced it purchased the 10-story Class A Towson Commons office building with eight-story parking garage for $18 million. The office building was 90 percent leased at the time of the transaction.

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