151 West St, Annapolis, MD 21401

151 West Street, originally developed and built in 1998 by a partnership of Phil Dunn and Portshire Inc, remains a “best in class” office building located in Mid-Town Annapolis. The 3-story, +/- 36,000 SF Class A building was fundamental to the success of the West Street Revitalization District. The property is the ideal “Suburban–Urban” location with surrounding restaurants, coffee shops, residential condos, hotels, 80 spaces of on-site parking, and an adjacent +/- 120 space public garage. Tenants experience quick access to and from major commuter roads and find they park their car and do not get back in their car until the end of the workday.

This is a Core + investment opportunity with excellent tenants and a 5.41 weighted average lease term. The State of Maryland has occupied a full floor for over two decades and has been foundational to the property’s historical 10-year vacancy rates being well below 10%. With attractive and efficient floor plates, vacancy in the building does not sit for long.

Annapolis is a submarket to both the Washington, D.C., and Baltimore MSAs with a total of 7.4 million SF of office space. The Class A Office Market is much smaller at less than 2 million SF and the Suburban – Urban Core Class A Office Market consists of only 8 buildings at a total of 690K SF

At 89% Leased and with attractive assumable financing in place, 151 West offers a unique opportunity to buy a highly stable asset at below replacement costs in a region-leading submarket.