RMF Renews Lease at Baltimore’s bwtech@UMBC
- by Bogdan Odagescu | Aug 11, 2017
National engineering company RMF renewed its lease at Corporate Office Properties Trust’s bwtech@UMBC building in Cantonsville, Md. Represented by Savills Studley, RMF signed again for 27,862 square feet on the third floor of the building, remaining the anchor tenant. The new lease is effective April 2019.
Completed in 2008, the 133,200-square-foot building located at 5520 Research Park Drive, within the campus’ North section, is Class A and LEED Silver certified. Situated close to interstates 95 and 195, less than 10 miles southwest of downtown Baltimore, the UMBC campus also offers easy access to suburbs across the Baltimore-Washington corridor.
According to Yardi Matrix data, the building is subject to a 93-year unsubordinated net ground lease held by the State of Maryland and leased to UMBC, set to expire in 2092. The university subsequently provided a 61-year sublease to Corporate Office Properties Trust. The campus’ North section also includes two buildings subleased in similar fashion to Merritt Properties.
A ONE-STOP R&D DESTINATION
The technology park offers several on-site amenities, including:
- Fitness facilities
- Conference spaces
- Cultural facilities
- 1,600 square feet of retail space
Overall, bwtech@UMBC offers 525,000 square feet of space, leased to 130 tenants. The list of key industries includes cybersecurity, life sciences, clean energy, IT, health IT, and engineering and advanced manufacturing.
“(The property) has been home to the firm for nearly a decade. Their tenure in the building and the tenant-favorable market conditions provided the leverage we needed to secure agreeable terms that would meet the client’s functional and economic goals,” said George Santos, senior managing director of Savills Studley, in prepared remarks.
Santos, alongside Managing Director Ryan Miller, spearheaded the Savills Studley team that negotiated the lease.