Part of an existing group of five buildings, totaling 380,000 sf, will be renovated, while the remainder of the property is tentatively slated for 200,000 sf of new office and flex space. Altogether, the project will offer 450,000 sf of redeveloped or brand new space.

Located off Interstate 83 in the northern portion of Baltimore County, Hunt Valley is home to offices of such companies as Verizon Communications Inc., MBNA Corp., McCormick & Co. Inc. and MCI Corp. The area also has seen renewed interest among potential residents. Of the five industrial structures on the property--all of which were once fully occupied by Northrop Grumman Corp.--only two totaling 250,000 sf will be converted to office buildings for the time being. The other three buildings, totaling 132,000 sf, currently are occupied by tenants. A new office building in a 200,000-sf, class A design is on the "to do" list, as well, and could get underway by next spring.

According to Mackenzie's midyear report, the office vacancy level in the Northern Baltimore County region is about 13% versus 12.3% at the midyear 2002. Despite the current numbers, the joint venture partners still see a specific need for the space they are creating, as well as better vacancy numbers down the road.