Joint venture partnership will speculatively develop nearly 70,000 of flex/R&D space, with delivery anticipated in 2026

BALTIMORE, MD (January 23, 2024) – A joint venture partnership between St. John Properties, Inc. and Greenebaum Enterprises has acquired a 12.5-acre site positioned within Montpelier Research Park. The Howard County business community is directly adjacent to the Maple Lawn mixed-use community, and the JHU Applied Physics Laboratory campus in Fulton, Maryland. Situated near the intersection of MD Route 29 and Johns Hopkins Road, Montpelier Research Park is located three miles from I-95, 11 miles from BWI Airport, and 20 miles from Washington DC and Baltimore.

 The acquired site includes a two-story 32,488 square foot office building, which is currently being marketed for lease, and could accommodate a variety of users within the education, child care, and medical sectors, among others. The sales price was not disclosed. KLNB’s Abby Glassberg and Don Schline represented the seller, and the joint venture partnership was self-represented in this transaction.

The partnership intends to speculatively develop two single-story flex/R&D buildings, comprising nearly 70,000 square feet of space on the site, with delivery anticipated in 2026.  St. John Properties’ signature product has proven to be successful at Maple Lawn, which features five 100% leased flex/R&D buildings totaling more than 200,000 square feet of space.

“There remains a scarcity of properly-zoned and strategically-located acreage in the Baltimore-Washington, D.C. corridor that is also shovel-ready for new development opportunities and, as a result, interest in this parcel was fierce,” stated Abby Glassberg, Principal, KLNB. “St. John Properties and Greenebaum Enterprises emerged as the natural and obvious buyers, given their undeniable success and overall presence in the marketplace, and we are confident their future development strategy will satisfy a pressing need for quality real estate product.” 

With Greenebaum Enterprises functioning as the master developer, the partnership developed Maple Lawn a 605-acre mixed-use community featuring more than 1,300 homes, over 1.7 million square feet of Class ‘A’ office and flex/R&D space, and supported by more than 150,000 square feet of retail amenities. Located just south of Montpelier Research Park, Maple Lawn is home to a variety of business, including Cisco Systems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation.

“Our success and experience with Maple Lawn demonstrate that this area of Howard County is well situated for further growth, in both the residential and commercial markets. This is where people want to live and work in Howard County” stated Michael Greenebaum, President of Greenebaum Enterprises.

“We believe there is a strong demand for high-quality flex/R&D product in this market, but few current opportunities for new development, so are excited about the potential of this project. In keeping with our long-standing philosophy, we plan to develop these buildings on a speculative basis in order to respond instantly to the emerging requirements of new and existing clients,” explained Sean Doordan, St. John Properties’ Executive Vice President, Acquisitions and Growth. “We remain aggressive in our approach to identify and acquire land to develop, as well as under-performing properties where we can add value.”    

Greenebaum Enterprises, Inc. is a privately held, full-service real estate development company founded in located in Baltimore, MD. Having delivered over 5 million square feet of commercial space and developed over 20,000 residential lots and home sites, Greenebaum Enterprises has a reputation for developing award-winning communities and brings extensive expertise in development and construction management, leasing, property management, finance and government relations.

Founded in 1971, St. John Properties, Inc. is one of the nation’s largest and most successful privately held commercial real estate firms. The company is distinguished by its commitment to customer service, achievements in green building, and top-rated workplace culture. Throughout St. John Properties’ 53-year history, the company has developed more than 24 million square feet of flex/R&D, office, retail, and warehouse space, and has investments in over 3,000 residential units. The company proudly serves more than 2,600 clients in Colorado, Florida, Louisiana, Maryland, Nevada, North Carolina, Pennsylvania, Texas, Virginia, Utah, and Wisconsin. For more information about the company, visit www.sjpi.com.