Waverly narrows relocation sites to 3

COMMERICAL REAL ESTATE

December 15, 1993|By Tim Mullaney | Tim Mullaney,Staff Writer

Look for a decision soon from Waverly Inc. of whether to stay in the city or move to Anne Arundel County. The list of buildings the publishing company is considering has shrunk to three.

"The Candler Building is out. It's down to Airport Square III, Camden Yards and Inner Harbor Center," said Wayne R. Gioioso Jr. of Mid-Atlantic Properties Inc. in Cockeysville. Mr. Gioioso and John Hyland of Mid-Atlantic are Waverly's local consultants in its search for a new home.

Waverly is expected to lease up to 75,000 square feet of office space. The deal could close this month, but Mr. Gioioso said January was more likely.

Mr. Gioioso said Waverly met with officials in both jurisdictions: in Anne Arundel, Waverly is looking for aid on issues such as ride-sharing programs, while in the city a concern is whether City Hall can buy or help find another buyer for Waverly's present home near the Mount Royal cultural district.

"They're supposed to get back to us Thursday with something in writing on what the city is willing to do for us," Mr. Gioioso said.

Baltimore Development Corp. President Honora Freeman said she couldn't discuss publicly what the city is prepared to offer.

Waverly would be the first commercial tenant in the Camden Yards warehouse. At Inner Harbor Center, 400 E. Pratt St., most of the space Waverly would take was once leased by RTKL Associates Inc. and AT&T Corp. The Anne Arundel building was formerly occupied by Westinghouse Electric Corp.

Commercial building permits plummet 78%

It's no secret that commercial construction has been hit harder by the recession than residential, and has been slower to recover. The sluggishness continued in October. According to the Baltimore Metropolitan Council, the value of nonresidential permits during the month for new construction was $6.1 million, down 78 percent from October 1992.

"A few big projects during the first nine months of 1993 have boosted the figures enough that the value of new nonresidential construction shows an increase of 47 percent in the year-to-date total," council economist Josef Nathanson wrote.

The commercial recovery from last year's lows has been uneven and driven by government projects. The biggest nonresidential project of the year in metropolitan Baltimore is the $122 million headquarters of the U.S. Health Care Financing Administration being built in Woodlawn.

Dewey noncommittal on Time Warner

Funniest "no comment" of the week comes from Gary Dewey of CB Commercial Real Estate Services Inc. in Baltimore.

He was asked about his firm's efforts to help Time Warner Inc. locate land for a warehouse. Time Warner is planning a distribution center for merchandise based on the entertainment giant's movies and cartoon characters.

In a voice that was to Warner Bros.' Porky Pig as cold duck is to champagne, he cracked, "I can't tell you anything, and that's all folks." Time Warner is considering sites in Harford County and Baltimore County.

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