Heritage to lease out 6 floors of building

June 05, 1993|By Timothy J. Mullaney | Timothy J. Mullaney,Staff Writer

Recovering from one of the biggest blows it took during the real estate downturn, Heritage Properties Inc. of Towson said it has reached a deal to lease 49,250 square feet of space in its 515 Fairmount Ave. building on the east side of the Towson business district.

The new tenant will be Clinical Associates P.A., a diversified medical practice that will be consolidating several Towson-area offices into the 117,500-square-foot building. Clinical Associates, whose largest Towson office had been another building it co-owned with Heritage, will occupy all or part of six of the building's 10 floors.

"They are trying to get everything into one Towson location," said Connie Stancill, a leasing manager for Heritage. "Being scattered in several locations was not efficient for them."

Clinical Associates, which has more than 80 health professionals, will continue to have offices in Reisterstown, Fullerton, Pikesville and on Security Boulevard. The group signed a 10-year lease for the Towson office.

Clinical Associates will fill the space now occupied by VIPS Inc., a software developer, which is moving to the year-old Towson Commons complex. VIPS' lease at Fairmount Place, the Heritage development that includes 515 Fairmount Ave., runs out Nov. 30.

"Our space works for them, and their size works for us," by filling more than the roughly 33,000 square feet VIPS fills in the building, Ms. Stancill said.

"It's a good eight months to a year before they [Clinical Associates] will move in," Ms. Stancill said. The landlords will need to upgrade the building, especially to improve its accessibility to Clinical Associates' orthopedic patients, before the doctors move in, she said.

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