A Columbia office building that currently serves as the headquarters for the cybersecurity firm Tenable Inc. has been sold for $16.2 million.
Abrams Development Group acquired the 105,250-square-foot building from a Dallas-based limited liability company, CBRE Capital Markets Institutional Properties, which handled the sale, announced Tuesday.
While the building is currently more than 87 percent leased, Tenable announced plans in November to relocate its headquarters to a new urban-style campus in downtown Columbia in 2019.
That may explain why the sale price was $7.4 million less than what LSREF OREO (Gateway) LLC, an affiliate of the Dallas-based real estate investment trust Lone Star Real Estate Funds, paid for the building in 2013.
“The office sales market has been steady in Columbia and we expect an uptick in sales activity this year,” Jonathan Beard, a CBRE senior vice president in Baltimore, said in a statement. "With the lack of significant new construction in the Columbia area, newer Class A assets like 7021 are well positioned to meet the market’s demand in the coming years.”
The state values the property at $20.4 million for tax purposes.
Abrams Development plans to renovate the facade of the building, which opened in 2007.
“We completed this acquisition as a strategic opportunity to increase our presence in the Columbia Gateway Business Park. With the addition of 7021 Columbia Gateway Drive, the Abrams footprint in Columbia now exceeds 2.6 million square feet,” said Peter Mathieson, a manager at Columbia-based Abrams Development, in a statement.
Beard handled the sale with CBRE’s Bo Cashman.
Tenable, which provides cybersecurity services to large enterprise customers, plans to relocate from the Columbia Gateway office park off Interstate 95 to a new 12-story office tower in Columbia’s Merriweather District, which is being developed by Dallas-based Howard Hughes Corp.