Cushman & Wakefield of Maryland, Inc., as exclusive representative of the Owner, is pleased to present the opportunity to acquire the 100 percent fee simple interest in One and Two Owings Mills Corporate Center located in Owings Mills, Maryland. One Owings Mills Corporate Center, built in 1987, totals 127,719 square feet and is 73% leased. Two Owings Mills Corporate Center was built in 1988, measures 202,882 square feet, and is 29% leased. The project is 46% leased, which is significantly underperforming the 88% leased market. This provides an investor the ability to create value through the lease up of 177,141 square feet of vacant space. Major tenants include Aon Corporation (10% of the project), CareFirst of Maryland (8% of the project) and the Law Offices of Sheela Murthy, PC (6% of the project). CareFirst has been a tenant in the building since 2004 and the Law Offices of Sheela Murthy since 1998, with a lease that runs through 2020.
10451 & 10461 Mill Run Cir.
Owings Mills, MD
||Aon, CareFirst of Maryland
||928 spaces (2.8/1,000 SF)
||12,500 SF / 15,550 SF
|# of Floors
||10 / 12
||73% / 29%
- 46% leased 330,601 square foot value-add investment opportunity consisting of two class A buildings (One Owings Mills Corporate Center is 73% leased, Two Owings Mills Corporate Center is 29% leased) located in Owings Mills, Maryland in suburban Baltimore
- Diverse multi-tenanted rent roll with strong anchor tenants including Aon (NYSE: AON), which occupies 32,164 square feet and CareFirst of Maryland, which occupies 25,830 square feet
- Significant upside potential through the lease up of 177,141 square feet of vacant space; additionally, in-place rents of $20.32 per square foot are approximately 5% below current market rents
- Excellent visibility and proximity to I-795, I-695 and I-95 providing vehicular access to the entire Baltimore region; short walk to Owings Mills Metro Station
- Adjacent to Owings Mills Mall with over 60 restaurants and retailers; sundries shop located in One Owings Mills Corporate Center
- Structured and surface parking at a ratio of over 2.8 spaces per 1,000 square feet
- Approximately 25 minutes from downtown Baltimore and Baltimore Washington International (BWI) Airport
- Significant capital targeting the immediate area, with three major projects in the development pipeline
- Strong market fundamentals; 12.1% direct vacancy in Baltimore County, the lowest of any submarket in the greater Baltimore region
To access the full offering memorandum and ARGUS file, please execute the Confidentiality Agreement by clicking here.