Columbia office complex sells for $16.1 million

First Potomac Realty Trust buys buildings leased by government contractor

November 29, 2011|By Lorraine Mirabella, The Baltimore Sun

First Potomac Realty Trust has bought two fully occupied office buildings in Columbia for $16.1 million, commercial real estate firm Cassidy Turley said Tuesday.

Hillside Center I and II on Hillside Court, leased to government contractor BAE Systems and other tenants, was sold by Corinthian Realty Partners. The two-building complex has a total of 86,000 square feet.

The sale is the second in Columbia in the last two weeks for Cassidy Turley, which also helped arrange the $13.6 million sale of Stevens Forest Green, an 82,400-square-foot office building that New Boston Fund bought earlier this month.

Office properties in the Baltimore-Washington corridor have been attractive to institutional real estate investors because of the growth in the defense and cybersecurity industries, said Cassidy Turley's Jon Carpenter.

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