Executives representing Blue & Obrecht Realty, Greenberg Gibbons, MLR Partners, and St. John Properties provided insights on the commercial office, flex/office, and retail markets in the greater Lutherville, Timonium, and Hunt Valley submarkets at the annual Development Update sponsored by the Hunt Valley Business Forum. Moderated by David Karceski, Partner, Venable LLP, the breakfast event was held at the Executive Plaza complex, a four-building, 550,000 square foot, mixed-use business community owned and managed by Hill Management Services.  

Commercial office space has taken a back seat 
“Until recently, commercial office space in the northern Baltimore County region was recognized as the area’s most vital asset class but, given changing employment patterns and the advent of remote working environments, it has taken a back seat – that is, if it has any seat at all,” Karceski said.  

Hunt Valley Towne Centre remains central gathering space 

Greenberg Gibbons President Eric Walter, together with Vice President, Marketing and Communications Alicyn Emerick, described the company’s continuing efforts to inject new uses into the mixed-use development in response to changing market conditions and attract new audiences. Walter said that the former Hunt Valley Mall has “come a long way” since being the first project listed in the “Dead Malls” website while adding his company acquired the entire project for approximately $25 million in 2002. He estimates that the value now exceeds $500 million. 

Walter explained to the Hunt Valley Business Forum audience that the senior independent living component of the project – Brightview Hunt Valley – recorded one of the “fastest leasing paces” in the history of Brightview Senior Living, which is a testament to the “strong, diverse, and brand name tenant mix offering of Hunt Valley Towne Centre. “Basically, we have every product and service needed, including a powerful grocery store anchor in Wegmans Food Markets.” He mentioned that the company has secured a “to-be-announced” lease for the vacant Burlington space and sales at Regal Cinemas are up from the previous year. 

Emerick presented information and graphics about improvements to “The Valley,” the space designed to host community events including First Sunday Market, Summer Concert Series, Outdoor Movie Nights, and holiday-related activities. She explained that this amenity will contain placemaking features that promote lingering and extended stays, such as open space areas for kids “to play and enjoy the outside,” creative furniture, games, andlandscaping.    

Full steam ahead for North Park and Hunt Valley Exchange 

St. John Properties is moving full steam ahead with two projects in the Northern Baltimore County submarket: Hunt Valley Exchange – a 17-acre site located off York Road designed to support 113,000 square feet of flex/R&D and retail space, as well as North Park, a four-building, 300,000 square foot Class ‘A’ office portfolio situated at the intersection of York and Shawan Roads.  

The company completed a $2-million improvement strategy at North Park, including the upgrade of an existing deli, and remains bullish on the Northern Baltimore County commercial office, retail, and flex/office sector, said Bill Holzman, Senior Vice President, Retail Leasing. 

“We still believe in the fundamentals of this sub-market to support commercial office product, and the robust amenities in and around Hunt Valley are a big part of this optimism,” Holzman said.  

St. John Properties’ portfolio along York Road contains more than 4.1 million square feet of space with projects including Crestridge Center, Loveton Business Park, Yorkridge Center North, Yorkridge Center South, and Timonium Exchange          

Lutherville Station owners to develop project “the right way” 

Lutherville Station is envisioned as a vibrant mixed-use transit-oriented development at 130 W. Ridgely Road that will bring together retail, restaurants, multifamily apartments, and an office component organized around gathering plazas, creating a new town square environment adjacent to the Lutherville light rail station. 

MLR Partners Principal Mark Renbaum recently announced the signing of a lease that will bring Barnes & Noble to the development, located adjacent to Yorkridge Shopping Center. Old Navy has also extended its lease at the property for an additional ten years. Renbaum said both Barnes & Noble and Old Navy represent foundational tenants at Lutherville Station and reflect continued momentum at the site of the former Timonium Mall. 

The property was downzoned in 2024 by the local councilperson, but Renbaum said the development team has remained patient and continues to fully envision a vibrant mixed-use transit-oriented development for the site. 

The Barnes & Noble lease represents an important early milestone in the project’s evolution, with the initial phase focused on attracting additional top-tier retail tenants while establishing gathering plazas and the walkable town square environment that will anchor the broader development. 

“We have been patient and want to develop this project the right way,” Renbaum said. 

Building obsolescence leading to multifamily and flex/office conversions  

Paul Obrecht III, Senior Vice President/Principal for Blue & Obrecht Realty explained that certain Class ‘B’ buildings, or who those poorly located or lacking modern amenities, cannot compete in today’s “flight to quality” competitive environment. He talked about the continued movement towards the shifting of zoning to support residential uses in areas previously considered prime spots for manufacturing and commercial office uses. 

As a prime example, he cited Broadmead’s acquisition of a three-building, 220,000 square foot commercial office portfolio in Sparks, and its plan to convert property into 80 independent living residences and amenities. 

“The tide has shifted in Northern Baltimore County,” Obrecht stated. “Certain buildings are becoming obsolete due, in large part, to technology advancements and can no longer support its originally-intended use, and owners and investors are searching for new approaches to repurpose,” Obrecht said. “In addition, the market is seeking multifamily and flexible space. A critical component is working closely with local community groups to uncover solutions that work for different audiences and stakeholders.”   

The Hunt Valley Business Forum serves as the collective voice for Hunt Valley-area businesses, with a mission to promote growth and development through networking, educational programs, and relevant communications. For more information about the group, as well as a list of upcoming events, visit www.hvbf.org