Holliday Fenoglio Fowler, L.P. (HFF) is marketing for sale Dulaney Center, a portfolio of two Class A office buildings totaling 315,872 square feet and a seven-story parking garage in the heart of Towson, Maryland. The buildings are located immediately adjacent to a 248-room Sheraton Hotel and benefit from a pedestrian walking bridge that provides a direct connection to Towson Town Center, which is the premier shopping and dining destination in the Baltimore metropolitan region.
Dulaney Center is 88 percent leased to a diverse roster of 29 tenants, 45 percent of which have occupied the buildings for more than 10 years. The portfolio’s entrenched tenancy, consisting of businesses that are representative of the wealthy local Towson economy, provides excellent in-place cash flow and is complemented by an ideal rollover profile, with an average of just seven percent of leased space expiring annually through 2028. In addition, investors have the ability to generate outsized revenue growth from the 1,542-space parking garage, which serves Dulaney Center as well as the adjacent Sheraton Hotel.
This core-plus investment offering represents a coveted opportunity to acquire an institutional quality office portfolio and perfectly positions investors long-term to benefit from the leasing activity, rental rate growth and parking upside that will accompany Towson’s continued revitalization as the premier live-work-play environment in the Baltimore metropolitan region.
For more information on the Dulaney Center or other office properties for sale in the Baltimore area, please contact Bruce Strasburg, Jim Meisel, Matt Nicholson or Stephen Conley in HFF’s Washington, D.C. office. For information on financing the purchase of this property, please contact Cary Abod. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.