Agency companies to move into space at Airport Square

July 20, 1994|By Timothy J. Mullaney | Timothy J. Mullaney,Sun Staff Writer

In one of the region's biggest real estate deals of the year, Agency Insurance Co. and Agency Services Inc. will move to the Airport Square complex in Linthicum after leasing 35,560 square feet of space at a development set back in recent years by the loss of major defense contractor tenants Westinghouse Electric Corp. and Lockheed Corp.

"In the last 12 months we've leased 150,000 square feet out here," Airport Square Cos. Vice President Bert Haus said.

The 26-building, 3 million- square-foot complex had about 300,000 square feet vacant at the nadir of the recession, Mr. Haus said.

Isabel Sakiewicz, a broker for Mid-Atlantic Properties Inc. of Cockeysville who represented Agency, said the two companies are owned by Henry Stansbury. Agency Services Inc. provides financing plans for insurance companies, such as the short-term loans that make monthly payment plans for insurance premiums possible. Agency Insurance is an insurance underwriting company for higher-risk drivers.

"It [the development] is right on I-95, and we think Airport Square has solid management," Mr. Stansbury said. "We expect to continue to expand."

Mr. Stansbury said the companies have combined revenue of about $38 million annually and employ 110 people in Baltimore and 100 in Tampa, Fla., and Charlotte, N.C. He said he expects job growth of 10 percent to 15 percent annually in the near term, and expects to concentrate growth in Linthicum.

Mid-Atlantic President Wayne Gioioso Jr. said Agency will move into space vacated last year by Lockheed Corp. when it moved to Constellation Real Estate Corp.'s National Business Park in Annapolis Junction.

He said the company, which now leases 19,000 square feet of space in Arbutus and Linthicum, will move into its new home in phases, beginning in October. The lease is for five years with an option to renew for five more. Terms were not disclosed, but Airport Square space has been on the market for about $16.50 to $17 annually per square foot, giving the deal a potential value near $6 million.

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