Dulaney Center is a 306,000-square-foot Class A office building and garage complex located in Towson, Maryland.  Colliers Pinkard provided asset management for a progression of ownerships; from the original developer, to foreclosure by Maryland National Bank REO, to acquisition by a Washington D.C. investment group.  The Meridian Group, the owners from February 1994 to June 1995, retained Colliers Pinkard with the clear mandate to reposition the asset for profitable investment sale.

Challenge

• Increase net operating income through aggressive marketing and tenant retention
• Maintain tight control on operating expense levels
• Develop a marketing team that will rapidly respond to market opportunities
• Deliver a focused promotional campaign
• Assign an additional leasing representative to the project
• Provide close coordination with management to facilitate tenant improvement design and build-out

Services

• Maintained operating expense levels at below market level of $6.60 per square foot during aggressive lease-up period
• Simultaneously relocated five national tenants including MetLife and MBNA to accommodate a new 33,000-square-foot lease

Results

• Increased occupancy from 73% to 98% in eight months
• Leasing transactions represented greater than half the entire Towson market’s annual absorption
• Achieved a reduction in real estate tax assessment from $25.2 million to $17 million, resulting in annual operating expense savings in excess of $100,000
• Increased net operating income (NOI) from $1.9 million to $3.2 million in fifteen months
• Achieved an investment sale of $31 million to RREEF, resulting in a $15 million net profit to the Meridian Group

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