Travelers Insurance to Relocate Baltimore-Area Office
Travelers Insurance has signed a lease with MacKenzie Cos. to occupy 65,214 square feet at 10 North Park in Hunt Valley, Md., near Baltimore. This fall, the firm will relocate from 111 Schilling Road, where it occupies 123,375 square feet, Commercial Observer reported. Cushman & Wakefield represented the tenant in the transaction, while MacKenzie Commercial Real Estate Services represented the landlord.
Completed in 1986, 10 North Park spans 82,300 square feet across four stories. Travelers Insurance’s lease brings the asset to full occupancy.
The property is part of a five-building North Park Business Community totaling 296,446 square feet. The rental rate at the campus is $24.5 per square foot. Other tenants include Asset Strategy Consultants and Alight Solutions, CommercialEdge information shows.
MacKenzie acquired the park in 2019 from Greenfield Partners in a $44 million portfolio transaction, according to CommercialEdge data. The sale was subject to a $28.6 million, 10-year loan from PNC Bank, the same source shows.
Located at 10 N. Park Drive, the property is near Interstate 63, roughly 20 miles north of Baltimore. It is also adjacent to the Hunt Valley Towne Center shopping mall.
Joe Bradley, senior vice president & principal for MacKenzie Commercial Real Estate Services represented the landlord. Cushman & Wakefield Managing Directors Douglas Brinkley and Charles Fenwick represented the tenant in the transaction. The brokerage firm was recently tapped by a MAG Partners joint venture to lease 1.1 million square feet of office space within a 235-acre redevelopment in the Baltimore area.
The post Travelers Insurance to Relocate Baltimore-Area Office appeared first on Commercial Property Executive.
