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Baltimore Commercial Real Estate

FROM SUBLEASE TO SALE

Ever looked around your office building and said "Someday, I'm going to own this whole thing?" The entire county of Howard had the same thought. The county had been subleasing two-thirds of 154k SF 8930 Stanford Blvd in Columbia from Ascend One Corp on a year-to-year basis since 2009. Yesterday, it announced it bought the building for $26M last week and took over as landlord. Cassidy Turley's Jon Carpenter and Jay Wellschlager repped the seller (NY's W.P. Carey) and tells us Howard Co financed the deal with a$27.5M bond issue, $1.5M of which goes toward building improvements. The building will be used for swing space while other county-owned buildings in Columbia are renovated. Jon tells us it was an on-market deal (it received north of 10 bids) even though the county was in the property.

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