30,000 square foot building was completely vacant when CREG acquired asset in 2017
Chesapeake Real Estate Group, LLC (CREG) has elevated 210 Allegheny Avenue, a five-story, 30,000 square foot commercial office building situated in Towson, Maryland to 87% occupancy with its recent 3,000 square foot lease to Blue Harbor Benefits, LLC. The commercial real estate company acquired the completely vacant asset in late 2017 and instituted a new property improvement and marketing strategy to achieve this leasing success. Christopher Murray, Vice President of Chesapeake Real Estate Group represented the landlord and Bill Whitty, Senior Vice President and Principal of MacKenzie Commercial Real Estate Services and Henson Ford, Senior Real Estate Advisor, MacKenzie Commercial Real Estate Services represented the tenant in this transaction.
Blue Harbor Benefits intends to locate from its existing location on York Road by the end of the year. The company provides a full range of benefit programs to individuals and businesses including health insurance, dental and vision plans, and group life and disability coverage. The firm also performs executive benefit planning and insurance analysis among other services.
“We successfully executed our strategy to build long-term value in this asset by raising 210 Allegheny Avenue to best-in-class status within the Towson central business core and attracting strong creditworthy companies to the building,” explained Christopher Murray of Chesapeake Real Estate Group. “Together with our architectural and interior design teams, we conceived and delivered a high-impact interior and exterior improvement program that completely repositioned the building and allowed us to reintroduce the project to the local business marketplace.”
Companies that responded to these upgrades with new leases included Stanley Black & Decker, which occupies two full floors, Cornerstone Financial and law firms Forster & LeCompte and Chason, Rosner, Leary & Marshall. Less than 4,000 square feet of space remains available for lease at the building located at the intersection of Bosley Avenue and Allegheny Avenue.
210 Alleghany Avenue is situated within walking distance to the Baltimore County Courthouse building as well as the main thoroughfares of downtown Towson that offer a range of business and consumer services including restaurants at varying price points. The asset is located within close proximity to major Towson area retail amenities such as Towson Town Center and Towson Row, as well as Towson University. The Baltimore Beltway can be accessed in less than 3 minutes and Baltimore City is less than 20 minutes away.
Chesapeake Real Estate Group, LLC, headquartered in Hanover, Maryland, is a fully-integrated commercial real estate operating company that focuses on real estate development, leasing, property management and brokerage services. The company owns a diverse portfolio encompassing Class “A” industrial and commercial office properties, as well as retail centers. Chesapeake Real Estate Group also participates in joint venture partner arrangements on select investments. Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Center, Baltimore Crossroads @95 and 210 Allegheny Avenue.For more information visit www.cregllc.com
