MedStar Medical Group has expanded its office footprint in Annapolis, Md., with the signing of a 19,739-square-foot lease at 810 Bestgate Road, a 100,000-square-foot medical office building. Cushman & Wakefield represented the tenant, while the landlord, St. John Properties, was represented in-house.
In September, MedStar Health signed another lease of approximately 11,000 square feet at the same building, its current footprint totaling some 31,000 square feet of office space. The building’s tenant roster includes LifeStance Health, Maryland Oncology Hematology and Premier Allergist.
Completed in 2020, the speculative building is now fully leased. 810 Bestgate Road is part of a two-building campus comprising 128,000 square feet of commercial office space. The LEED Gold-certified property features 25,000-square-foot floorplates and some 450 parking spaces.
The 6.8-acre site is some 3 miles from downtown Annapolis, while Luminis Health Anne Arundel Medical Center is less than a mile away. Retail centers in the area include Westfield Annapolis Mall and Annapolis Town Centre, located within a 2-mile radius. Interstate 97 is 3 miles away, while Baltimore/Washington International Airport is 20 miles northwest.
St. John Properties grows Baltimore portfolio
Earlier this year, St. John Properties announced the development of a 635,000-square-foot mixed-use business campus in Waldorf, Md., that will include 550,000 square feet of R&D, retail and office space. The first phase of the project is slated for completion in early 2025.
In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreBaltimore, Brokerage, Medical Office, Mid-Atlantic, News, Cushman & Wakefield, MedStar, St. John Properties Commercial Property ExecutiveThe firm will now occupy some 31,000 square feet at the medical office building.
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