11155 Dolfield Boulevard Reaches 95% Occupancy With Signing of 12,750 Square Foot Susquehanna Bank Lease
BALTIMORE, MD (August 19, 2013) – Susquehanna Bank has signed a lease with St. John Properties, Inc. for 12,750 square feet of space at 11155 Dolfield Boulevard, a two-story, 71,400 square foot Class “A” office building located within the Owings Mills sub-market of Baltimore County. The regional financial institution intends to relocate its mortgage division to this building from the Hunt Valley area, with an expected opening later this month. The lease increases the overall occupancy of 11155 Dolfield Boulevard to 95%.
Will McCullough, Leasing Agent for St. John Properties, represented the landlord and Mark Deering of MacKenzie Commercial Real Estate Services represented the tenant in this transaction. With $18 billion in assets, the Pennsylvania-based Susquehanna Bank is the 37th largest commercial bank in the United States and operates more than 260 branches in the Mid-Atlantic area.
Located in Dolfield Business Park, 11155 Dolfield Boulevard is positioned near Red Run Boulevard and is near exit 4 off Interstate 795. The project is contained within an emerging residential and retail market that includes Metro Centre at Owings Mills, a new Transit-Oriented Development rising next to the Owings Mills metro station and Foundry Row, the planned 400,000 square foot shopping center featuring Wegmans Food Market. The building, which offers free parking on a surface lot, is positioned approximately four miles from the Baltimore Beltway (Interstate 695) and thirteen miles from downtown Baltimore.
According to a research report prepared by Colliers International, the overall vacancy level in Baltimore County West – an area defined by the sub-markets of Owings Mills, Pikesville, Woodlawn, Catonsville and Arbutus – declined to 16.4% in the second quarter of this year. The regional area consists of approximately 300 buildings encompassing nearly 13 million square feet of space.
“Leasing activity in the Owings Mills and Reisterstown Road corridor has lagged slightly behind the pace experienced throughout the Baltimore County marketplace in recent years, but we are currently experiencing a steady and encouraging increase in this sub-market,” stated Jerry Wit, Senior Vice President, Marketing for St. John Properties. “We attribute this surge to numerous factors including the recent lack of new office buildings delivered, new retail and residential development projects that create energy and overall market awareness, and the expansion of Stevenson University. The northwest corridor, previously considered the prime area for office relocations in the early 1990s, is experiencing a renaissance as office tenants re-discover its depth of amenities and mature transportation network.”
About St. John Properties
St. John Properties, Inc., founded in 1971, owns and has developed nearly 17 million square feet of R&D/flex, office, retail and warehouse space in Maryland, Colorado, Louisiana, Nevada, Pennsylvania, Virginia and Wisconsin. For more information about the company, visit sjp.mu9b0uf9-liquidwebsites.com.
For more information, contact:
Al Cunniff, Director of Marketing, St. John Properties, Inc.