Thursday, May 19, 2011

HFF arranges $65.7 million joint venture for three Fulton, MD office properties

WASHINGTON, D.C. – HFF announced that it has arranged a joint venture valued at $65.7 million for three Class A office properties in Howard County, Maryland.  The properties include: 8161, 8170 and 8171 Maple Lawn Boulevard.

HFF represented Greenebaum & Rose Associates, Inc. in the transaction with St. John Properties.  The two firms will share ownership of the three Class A office buildings under the new agreement and will co-develop future office buildings within Maple Lawn.

The properties are located within the “award-winning” Maple Lawn community, a 600-acre mixed-use development just east of Columbia Pike in Howard County, equidistant between Washington, D.C. and Baltimore. 

8161, 8170 and 8171 Maple Lawn Boulevard total 285,000 square feet and are 97 percent occupied by tenants including Raytheon Solipsys, Offit Kurman and Yumkas, AAA, Pearl Spa and New Day Financial.

The HFF team representing Greenebaum and Rose was led by senior managing directors Jim Meisel (top right photo)  and Dek Potts (top left photo).

Greenebaum & Rose is a privately owned real estate company formed in 1981 that has extensive holdings throughout the Washington D.C. and Baltimore metropolitan areas.  Greenebaum is focused on office and large-scale mixed-use developments.

“This represents my fourth joint venture with St. John Properties, dating back over 20 years,” said Stewart Greenebaum (middle right photo).  “Their in-house capabilities, including construction, leasing, tenant improvements and property management, make our respective organizations an excellent fit.”

St. John Properties, Inc. is one of the Mid Atlantic region’s largest and most successful privately held commercial real estate firms. Headquartered in Baltimore, MD, the company owns and has developed nearly 15 million square feet of office, research and development/flex, and retail space.

“For a long time we’ve been recognized as a leader in the flex marketplace, but over the past decade we have diversified our portfolio,” said Ed St. John (bottom left photo). 

 “This new Maple Lawn joint venture, added to our properties at The GATE at Aberdeen Proving Ground, Maryland Science & Technology Center in Bowie and other business centers means that a significant percentage of our portfolio will be multi-story, Class A office or retail space.”

James A. Meisel, HFF Senior Managing Director, (202) 533-2500, 
Stephen ‘Dek’ Potts Jr., HFF Senior Managing Director, (202) 533-2500
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

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