By: Ryan Sharrow
After buying back the property last month, Greenebaum Associates is planning a facelift of a 74,000-square-foot Pikesville office building it developed nearly 30 years ago.
Greenebaum sold the Woodholme Center in June 2007 — at the peak of the market — for $19.8 million to Washington Real Estate Investment Trust. The REIT later sold the property at 1829 Reisterstown Road in 2013 to Harrison Street Capital for $14.3 million, according to state tax records.
Greenebaum bought back the building for $15.6 million in October.
Michael Greenebaum, president of Greenebaum Associates, saw an opportunity to deliver upgrades to the property where it maintains its offices.
“There’s nothing like an owner-occupied building,” Greenebaum said.
The building is currently 92 percent leased, primarily to a mix of professional service firms.
Plans include redesigning the exterior skin and refreshing the lobby. On the outside of the 4.1-acre property, Greenebaum wants to add more places where employees in the building can eat or work.
“We want to make it more of what the current office worker is looking for,” he said. “We’re making it a true Class A building.”
Greenebaum has tapped Baltimore-based architecture firm Design Collective for the work, and expects to invest $1.5 million in the upgrades.
For Greenebaum, the building’s location off Interstate 695 and next to the Trader Joe’s-anchored Woodholme Shopping Center continues to make it an attractive asset. He added that the new 50-acre Foundry Row development about three miles away will be a boon to the area. The shopping center is home to a Wegmans.
“It’s still about location, location, location,” he said. “I’m very bullish on Pikesville.”
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