Annapolis, MD – April 25, 2024 – The Maryland Bankers Association (MBA) has announced the successful sale of its headquarters for $1.625M ($380/sf). Since its inception in 1896, the MBA has steadfastly served Maryland’s financial services industry, advocating for banks and thrifts to bolster the state’s banking sector.
Negotiated by the Hyatt Commercial team, led by George Shenas and Collin Mercier, the sale and leaseback of the MBA headquarters was finalized. Occupying the premises since 1977, evolving needs for convention office space, first-floor amenities, and a reduced financial exposure prompted Hyatt’s recommendation to re-lease, resulting in a negotiated 3-year leaseback post-settlement.
Having established a trusted relationship with Hyatt Commercial, the MBA entrusted them with the sale of their headquarters, leveraging their expertise. This successful transaction, under contract within 90 days, achieved above-market value. Hyatt’s insightful approach, based on property evaluation and comparable sales data, resulted in the proposal of a strategic marketing price. During their listing presentation, various scenarios, including a “top of market” approach, were outlined, ultimately reflecting the successful transaction outcome.
Commenting on the transaction, Liz Frediani, Chief of Staff, and VP of Operations at the Maryland Bankers Association, expressed her satisfaction with the outcome. “We are very pleased with the efficiency and price negotiated by Hyatt Commercial. This transaction sets a solid foundation for MBA’s continued success, bolstering our commitment to our valued membership.”
The buyers, Annapolis Capital Partners, were represented by MacKenzie Commercial Real Estate Services.
This sale marks a significant milestone for the MBA, showcasing their commitment to strategic decision-making and effective collaboration, while positioning them for future success.
For media inquiries, please contact Gabrielle Titow, Director of Resources and Development, at 410-260-6530 or gtitow@hyattcommercial.com.