Baltimore-based Chesapeake Real Estate Group LLC and Columbia-based Cicero Capital Partners LLC plan to invest $3.5 million in upgrades to an empty office building near BWI Marshall Airport in Anne Arundel County.
Cicero bough the four-story, 100,000-square-foot building at 1199 Winterson Road for $3.6 million at auction last September and brought in partners to the ownership group. It was owned previously by Corporate Office Properties Trust.
It’s the second joint investment for the companies. The first was in Towson and was leased to Stanley Black & Decker earlier this year. Officials said there is “tremendous upside” to meaningful improvements such as this.
Upgrades include facade updates, new window, renovation to common areas and bathrooms, a new lobby and fitness center, conference room and snack area.