Nottingham Properties Inc., the developer of White Marsh Town Center, has entered the beleaguered Northern Virginia commercial real estate market with the purchase of an office complex for an undisclosed amount.
The purchase marks Nottingham's first foray outside Maryland.
The Towson-based company bought Beaumeade Technology Campus, a two-building, single-story complex totaling 132,240 square feet on 12 acres. The campus, within the 684-acre Beaumeade Corporate Park, is close to Washington Dulles International Airport and major employers including America Online.
The recent tumble of technology companies in Northern Virginia has left a glut of properties on the commercial real estate market. The vacancy rate for commercial real estate in Loudoun County is 21.27 percent, according to the county's economic development department.
The Beaumeade campus has two tenants, and the recent signing of a third for 6,000 square feet brings its occupancy rate up to 30 percent, said John H. Macsherry Jr., vice president and director of marketing for Nottingham.
"There is a lot of space down, there but we think the building is pretty well-positioned in the market so that we'd be able to capture some opportunities," Macsherry said yesterday.
Nottingham bought the property, which was built in April last year, from Beacon Capital Partners, a Boston-based real estate investment company, he said.
Nottingham has hired Chicago-based Transwestern Commercial Services to handle leasing and property management at the campus.
In the Baltimore area, Nottingham develops and manages properties in Towson, Hunt Valley, Owings Mills and Columbia.