Koll Investment Management acquired a 12-story office building in Columbia yesterday for $8.7 million. It was the California pension fund adviser's second area purchase in as many months.
The 1 Commerce Center project was sold by Mercantile-Safe Deposit & Trust Co., which had assumed control of the 136,500-square-foot office building in 1991 as part of a debt workout.
Barbara Gloeckner, a Koll vice president, said the 10320 Little Patuxent Parkway building's location adjacent to the Mall in Columbia made it desirable as an investment.
"I think Mercantile is pleased," said Donald A. Manekin, a senior vice president of the Manekin Corp., the firm that represented Mercantile in the sale. "They were patient, because they realized the building is extremely well-positioned."
Mercantile's $8.7 million sale price was almost one-third higher than a bid received at a voluntary, Manekin-sponsored auction in June 1994.
The 14-year-old building is 70 percent leased to Merrill Lynch, Allstate Insurance, NationsBank and others.
The purchase by Koll, a $1.3 billion pension fund consultant, follows its acquisition in May of 78 acres in the Marley Neck Industrial Park in Anne Arundel County. Koll plans to develop $35 million worth of industrial space there.