Investment research firm intends to relocate more than 40 employees to 17,000 square foot building
Greenspring Realty Partners, Inc. (GRP), a Baltimore-based commercial real estate and investment company, has brokered the sale of 3-5 E. Read Street to Angel Publishing for $1.4 million. The investment research firm intends to relocate more than 40 employees to the 17,000 square foot building from its current location at 111 Market Place by this spring. Jon Manekin, Director, Greenspring Realty Partners represented the buyer and Greg Pinkard and Katherine Pinkard of Pinkard Properties represented the seller, Paul Wolman, former owner of P.W. Feats which previously occupied the four-story building.
Angel Publishing publishes a number of newsletters providing research, strategies and guidance on topics including finance, markets, human nature and financial trends. Titles include Wealth Daily, Green Chip Stocks, The Wealth Advisory, Energy and Capital, Penny Stock Millionaire and Park Avenue Digest. Among the experts providing insights are Brian Hicks, Christian DeHaemer, Briton Ryle, Jeff Seigel, Jason Stutman, Alex Koyfman and Keith Kohl. Founded in 2003, the firm has operated within the Candler Building in Baltimore City since 2013.
“After conducting an extensive property search throughout Baltimore City and County, we chose to remain downtown because we believe a strong central city core provides the key tenet for an economically-vital region, and we wish to do our part to support the city,” explained Jason Freiert, Chief Executive Officer of Angel Publishing. “Midtown is where our corporate roots began, and we are extraordinarily proud to own an iconic building downtown and be a stakeholder and a leader in our community. Our employees thoroughly love working and living in Baltimore City and wish to continue their support of downtown restaurants and retailers.”
Constructed in 1890, 3-5 Read Street is a historic structure featuring an all-brick exterior and an adjacent surface parking lot. Located in the Mount Vernon section of Baltimore City, nearby amenities include sit-down restaurants The Elephant and Tio Pepe, as well as a variety of fast-casual restaurants and coffee shops. The State Center station of the Baltimore Metro subway system is within walking distance less than one-half mile away.
“We began this requirement more than five years ago and consummated an off-market transaction after identifying an ideal building that wasn’t for sale at the time we approached the previous ownership,” stated Jon Manekin of Greenspring Realty Partners. “The interior and exterior of the building is in excellent physical condition and will require a minimal amount of retrofit activities to support the needs of Angel Publishing. By understanding the culture of Angel Publishing and how the physical space impacts their work, we were able to uncover a building with historic architecture and strategic placement that supports and positively influences the energy and creativity of the firm.”
“Jon was extremely tenacious and creative with his guidance, and without his insightful market knowledge of the Baltimore real estate landscape, this move would not have been possible,” Freiert added. “We continue to grow and intend to add employees, and 3-5 Read Street can adequately support our expansion plans.”
Greenspring Realty Partners is a full-service commercial real estate and investment company specializing in the acquisition of opportunistic real estate investments. GRP selectively advises and provides sophisticated and comprehensive brokerage services including investment sales, landlord and tenant representation and development consulting services. For additional information please visit www.greenspringrealty.com
