Adjacent to company’s Emerson Corporate Commons project, new owner intends to rebrand asset and market to office, medical office and government contractor uses
Knott Realty Group has acquired 8920 Stephens Road, a two-story, 28,000 square foot commercial office building situated in the Laurel section of Howard County for an undisclosed price. The asset was approximately 43% leased at the time of the purchase. Charlie Fenwick and Andrew Smith of Cushman & Wakefield represented the former owner, Matson, LLC in this transaction.
Constructed in 2006, the multi-tenant office building features 14,000 square foot floorplates and is equipped with a lobby atrium. A free surface parking lot surrounds the project. 8920 Stephens Road is positioned adjacent to Knott Realty Group’s Emerson Corporate Commons, a 185-acre business community that contains nearly one million square feet of mid-rise commercial office space. It is situated approximately two miles from the intersection of MD Route 216 where there is “traffic light-free” access to Interstate 95. Columbia is located 10 miles away, downtown Baltimore is approximately 20 miles from the building and Washington, D.C. is 30 miles away.
“We are extremely familiar with 8920 Stephens Road based on its positioning next to our Emerson Corporate Commons business community, and its inclusion in our portfolio makes sense both economically and logistically,” explained Taylor J. Fields, Vice President of Leasing for Knott Realty Group. “The building is in excellent condition and will generate interest from general office and medical office users, as well as the government contractors, based on its proximity to Fort Meade and existing government tenant. End-users looking for space in high-end buildings located throughout downtown Columbia and Laurel will be attracted to this building based on its attractive rental rates and accessibility to major roads.”
Knott Realty Group plans to rebrand the building and proceed with certain hardscape improvements including refurbishing the parking lot and installing new and improved landscaping. The company will consider further interior modifications in the future.
Knott Realty Group is a full-service commercial real estate development, management and investment company with more than 4.5 million square feet of commercial office, warehouse and industrial space throughout the Maryland, Florida and South Carolina markets. The company, which has also developed and currently manages residential communities throughout the Mid-Atlantic region, maintains in-house development, property management, construction and leasing services. For additional information, visit www.KnottRealty.com.
