In a year marked by Covid-19 and widespread remote work, St. John Properties has acquired its second office property in the Baltimore-Washington corridor.
The private Woodlawn, Maryland-based developer just bought the Class A office development at 14400 Sweitzer Lane in Laurel for an undisclosed price, officials said Wednesday.
The seller was listed as Riggs & Company Trustee based in Texas, state records show. It acquired the development in 1998 for $1.37 million.
The push into the Prince George’s County market is part of a strategy to boost leasing efforts for government contractors and other agencies that have been resilient during the pandemic. Another Maryland-based developer, Corporate Office Properties Trust (NYSE: OFC), has also focused on the public and private market that caters to military and cybersecurity-related companies.
