10320 Little Patuxent

Little Patuxent
After repositioning
 

Little Patuxent
At acquisition

10320 Little Patuxent

SUBURBAN MARYLAND | 138,854 sq. ft.

*purchased while senior management team at First Potomac Realty Trust
 

Property Overview

  • Located in Columbia Town Center adjacent to the Columbia Mall, the Lakefront, a new Whole Foods, and a new fitness center, as well as 27,000 SF of retail, and 380 residential units
  • Renovations included façade updates with new glass entrances, a newly painted exterior, a state-of-the art lobby integrating two stories, redesigned common areas, restrooms, energy efficient lighting, HVAC systems, and updated elevator mechanics/cabs
  • Onsite amenities include a deli, hair salon, conference center and parking
  • 138,854 SF / 12-story office building
  • Example of a successful redevelopment

 

Acquisition Details

  • Acquired in February 2011 for $11M ($80psf)
  • Building was 70% leased at time of acquisition

 

Execution

  • Renovated to bring the building up to Class A status, and increased rents by 20% from $22.00 to $26.50psf
  • Increased occupancy to 95% within 24 months
  • ~$22M ($161psf) total investment