Amoco Corp. has decided to relocate its local district marketing office from downtown Baltimore to One West Pennsylvania, a 10-story tower currently under construction in Towson.
The oil firm, which is based in Chicago, has agreed to lease 14,000 square feet of space at the tower, making it the building's first tenant.
One West Pennsylvania is part of the $70 million Towson Commons project, which includes space for specialty shops, restaurants, a food court, an eight-screen cinema and a 950-space parking garage.
The garage is complete, but the office tower and retail sections are not expected to open until April 1992.
Developer of the project is Chicago-based Lasalle Partners, a nationwide real estate services firm. The project was designed by RTKL Associates and the general contractor is Whiting Turner Construction Co., both based in Baltimore.
One West Pennsylvania is one of only a few speculative office buildings currently under construction in the Baltimore area. It is the only one opening in Baltimore County in 1992.
Because of the recession, banks and developers have shied away from speculative projects -- those that are under construction before a major tenant has signed on.
The area's high vacancy rate has made such projects risky, but the developers of One West Pennsylvania say their project is being leased ahead of schedule.
"We thought it would take up to three years to lease the entire building," said Jonathan E. Bortz, a senior vice president at LaSalle. "We're excited that the project has been very well received in the market by both the brokerage firms and tenant prospects."
The office tower includes approximately 190,000 square feet of space. Amoco's portion will make up approximately 65 percent of one floor of the tower, Bortz said.
Officials say the project's retail section is also leasing quickly.
General Cinema Corp. will operate the movie theater, while Pizzeria Uno, L&N Seafood and Paolo's will be three of the five restaurants operating at the commons.
Michael Ewing, a partner at Baltimore-based Williams Jackson Ewing Inc., which is handling retail leasing arrangements for the project, said things are going better than expected on the retail end also.
He attributed the projects success to the fact that it is not dependent on fashion retailers, who have been particularly hard hit by the recession.
Although he would not release the name's of other retailers who have signed on, Ewing said approximately 70 percent of the retail section is under contract.
*** W.C. Pinkard & Co., Inc. was recently appointed exclusive marketing company for the sale and lease of industrial office and retail property at Meadowridge Business Park.
The park, which sits on 126 acres in Howard County at Interstate 95 and Md. 100, is jointly owned and developed by Winchester Commercial Inc., a subsidiary of the Weyerhaeuser Co., and by Crystal Hill Investments Inc.
Current occupants of the park include Michelin Tire Corp., Reico Distributors and Moore Business Forms.
*** The following leasing transactions were announced recently by Attman Properties Co.:
* Dr. Patricia Attman, a psychiatrist practicing general psychotherapy and psychopharmacology, and Kathryn Kastan, a licensed clinical social worker specializing in psychotherapy for children, adolescent and adults, have leased 875 square feet of space at the Executive Centre at Hooks Lane in Pikesville.
Attman Properties handled the transaction for both the tenant and landlord.
* Human Systems Technology Corp., a nationwide management consulting firm, has leased 688 square feet at the Executive Centre at Hooks Lane. The agreement was handled for both the landlord and tenant by Attman Properites.