Horizons leasing outpaces market

Commercial real estate

March 13, 1991|By Kevin Thomas | Kevin Thomas,Evening Sun Staff

A new addition to the Horizons office and retail complex, fast becoming an Anne Arundel County landmark because of its distinctive clock tower, is more than 81 percent leased after being completed for only six months ago.

Also, said leasing officials for the complex, an earlier phase of Horizons completed in 1987 is more than 95 percent occupied, making Horizons one of the more successful commercial establishments in the Baltimore area.

Currently, the commercial office vacancy rate is about 18.2 percent, according to a Legg Mason report released earlier this year. In market circles, a new building is given a year to 18 months to reach its peak in occupation.

Given current market conditions, the new addition of Horizons would not be expected to have reached 81 percent after only six months. But, according to Joseph Cronyn, senior associate at Legg Mason, Horizons "would seem to be, by most norms even in a good market, well along the way" to exceeding market expectations.

Horizons is located on a nine-acre site along Ritchie Highway just south of Route 100 near Jumpers Mall. It currently houses Johns Hopkins Health Plan, Greater Atlantic Savings Bank, ABC Claims Service and Chi Chi's Mexican Restaurant and Morrison's Cafeteria in its first phase.

Second phase tenants include Kaiser Permanente Health Care Program, FMS Financial Management Services and Metropolitan Life Insurance.

Jonathan I. Hamburger, sales and leasing representative for Attman Brokerage Service Ltd., leasing agent for Horizons, said his company is still hoping for 100 percent occupancy in the first phase of Horizons.

"The second phase just frankly took off, to be honest," Hamburger said. "Tenants love the location."

A drawing feature he said is the building's quaint brick facade and its five-story tower with working clock.

Johns Hopkins University has completed renovations on thTower Theater in downtown Baltimore, turning it into an auditorium, meeting and office facility that officials say will be used for cultural events and conferences.

The theater, which opened in 1967 and closed after financial failure in 1981, was originally a cavernous hall but the $1.5 million renovation has changed it into a two-story facility with a 222-seat auditorium on the first floor and meeting and office space upstairs.

The building was dedicated in a ceremony Tuesday, March 12. It has been renamed the Berman Auditorium in honor of Jean R. and Allan L. Berman. Allan L. Berman, a Baltimore real estate investor and developer, died in 1977. His widow, Jean, is a sculptor who lives in Miami.

Gage Menswear is opening a new location in the Owings MillValley Centre at 9616 Reisterstown Road. The new store will be dedicated March 23, with Gov. William Donald Schaefer expected to do the ribbon-cutting.

Schaefer is a long-time customer of the Gage's store that has been a fixture on Baltimore Street in downtown Baltimore for 46 years.

Like the original store, Gage's new facility will be targeted to the 25- to 50-year-old executive, with traditional and fashion clothes featured, said Bill Glazer, the store's president.

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