Previously underperforming investments acquired by firm quickly gaining momentum
WASHINGTON, DC (May 29, 2018) – Morning Calm Management (Morning Calm), the real estate investment and management owner of Greenbelt’s Capital Office Park and Landover’s Metro Plex I & II, announced today that it signed approximately 110,000 square feet of leases at these properties over the past six months.
The largest leases were at Capital Office Park – with a 21,243-square-foot expansion and renewal for Joseph, Greenwald & Laake, P.A.; 10,690 square feet for new tenant Cipriani & Werner, P.C.; and, a 9,908-square-foot expansion and renewal for Office Plus, Inc.
“The market has responded well to our operating approach since we first entered the regional marketplace less than two years ago,” said Mukang Cho, CEO and Managing Principal at Morning Calm. “Our goal now is to complete the repositioning of these assets while continuing to provide first-class service to our tenants and implement the planned capital improvements.”
Morning Calm is currently deploying more than $11 million for capital improvements across Capital Office Park and Metro Plex I & II.
In February, Morning Calm purchased 500 E. Pratt from TIER REIT, Inc. of Dallas, Texas for $60 million. The 13-story, 280,000-square-foot Class A property, which is the newest office building along Pratt Street, in Baltimore’s Inner Harbor, was developed in 2004 by the Trammell Crow Company. At the time of acquisition, 500 E. Pratt was 93 percent occupied by blue chip tenants such as CohnReznick LLP, Saul Ewing LLP, Deloitte, JLL, UBS, and McGuire Woods LLP. It is now 95 percent occupied and considered fully stabilized.
Capital Office Park, courtesy of Morning Calm
Capital Office Park, courtesy of Morning Calm
MetroPlex I, courtesy of Morning Calm
MetroPlex II, courtesy of Morning Calm
About Morning Calm
Morning Calm is real estate investment and management firm that owns and manages more than four million square feet of commercial real estate throughout the Unites States on behalf of private and institutional capital. For further information, visit: www.morning-calm.com.
