Merritt Properties said Monday that it has acquired a five-story Towson office building for $24.55 million.
The previous owner, listed as The Realty Associates Fund IX L.P. of Rockville in state records, could not be reached for comment.
The 121,414-square-foot building at 100 West Road is 100 percent occupied, though 2,174 square feet will come available for rent early next year, according to Merritt. The building features a large atrium, conference center, cafe and fitness center.
Existing tenants include Robert W. Baird & Co., Regus and Liberty Mutual, though naming rights to the building, which is visible from Interstate 695, remain available.
Merritt said the new acquisition complements its existing 825,895-square-foot, Class A office portfolio in Towson and Timonium.
"Towson is a major employment center and a hub of a variety of businesses and corporate headquarters," said Scott Dorsey, CEO of Merritt Companies. "In addition to representing a stable market, the area is growing rapidly as evidenced by many recent developments."
Merritt Properties is a unit of Windsor Mill-based Merritt Companies, which has nearly 16 million square feet of office, warehouse, industrial and retail space in the Baltimore/Washington area and describes itself as Maryland's largest privately held commercial real estate firm.