TOWSON, MD — The office component of Towson Commons has reportedly sold for $18 million. The building on Pennsylvania Avenue near York Road also contains retail space that was not part of the sale, according to the Baltimore Business Journal.
Towson Commons contains 115,000 square feet of retail space, connected to 231,000 square feet of office space, according to commercial real estate firm Maryland Financial Investors Realty.
CSG Partners recently purchased the 10-story office building and garage for $18 million, according to the Baltimore Business Journal, which says CSG plans to update the garage, common spaces and restrooms.
The office building is anchored by General Dynamics and has a 15 percent vacancy rate, according to the newspaper. Two law firms — Miles & Stockbridge and Whiteford Taylor Preston — also lease space there.
Accounting firm Rosen Sapperstein & Friedlander LLC announced in 2017 that it was moving its Owings Mills-based headquarters to Towson Commons. The new headquarters is slated for the mezzanine of the complex and will accommodate 50 employees, according to the announcement, which said the firm caters to businesses and high net families, and its leaders saw the move as a chance to increase visibility.
The purchase of the office space by CSG came after "a wave of new development in the area" increased interest in the building at 1 West Pennsylvania Avenue, which had been for sale since the summer, according to the Baltimore Business Journal.
In December, Baltimore County lawmakers gave a $43 million advance to spur development at the nearby Towson Row site. A hotel, high-rise apartments and possibly Whole Foods are part of that project.
Image of Towson Commons courtesy of Baltimore County government.