When BECO recently signed leases with professional services firm Dewberry, rapidly followed by a completing a lease with attorneys Weinstock, Friedman & Friedman for space in BECO Towers, the Rockville-based commercial real estate enterprise had double cause to celebrate. With these two new tenants onboard, the building’s occupancy rose to 95 percent-- a milestone rarely encountered in the Owings Mills market in recent years.
BECO purchased 10451 and 10461 Mill Run Circle from General Growth Properties (GGP) in December 2012 for $14.5 million, and nearly immediately put in place an aggressive $13.2 million plan to renovate the physical buildings and transform the workplace experiences offered within the project, relaunched as BECO Towers. Since that time BECO completed 180,000 square feet of leasing. Reducing vacancy from a peak of over 56% to 5 percent today. 87,000 square feet of BECO's absorption went to tenants who relocated to Owings Mills from other other submarkets.
“The Owings Mills office market has ranged between 25 to 30 percent vacant since we purchased the buildings,” says BECO Asset Manager, Levi Cohen. “These two buildings in particular were struggling; they hadn't been properly maintained and tenants had started vacating. By reimagining the project, tenants including EMG, CareFirst, Needles, Insurance Inc. and Broadridge Financial signed-on.”
Workplace enhancements added to BECO Towers include a top-of-the-line fitness center and actively managed health programming, a shared bicycle program, outdoor nature lounges, conference centers, unique food options and Wi-Fi enabled common areas.
About BECO
BECO Management, Inc. is a closely-held commercial real estate enterprise that owns and manages over seven million square feet of office, flex and warehouse space throughout Maryland, Virginia, North Carolina and Illinois. Founded in 1986 and headquartered in Rockville, Maryland, the firm is a nationally recognized industry leader and long-term holder of real estate. For more information, please visit www.beconet.com.
