Mariner Finance LLC has inked a deal to lease nearly 35,000 square feet in the former Williams Scotsman building in White Marsh.
The consumer-loan company is a former subsidiary of First Mariner Bancorp that was sold to private equity firm Milestone Partners in 2009, then sold again to an investment group in June. Mariner Finance was leasing about 15,000 square feet of space on Clinton Street in Baltimore near the First Mariner tower, said MacKenzie Commercial Real Estate Services LLC broker Joe Bradley, who represented building owner Blue Ocean Edward Goldmeier of Newmark Grubb Knight Frank represented First Mariner.
Mariner is expected to move to the new space within the next few months.
Blue Ocean purchased the vacant 66,000-square-foot building at 8211 Town Center Drive in August for $3.4 million, and MacKenzie began marketing space in the fall, Bradley said. A second deal with another large tenant that would make the building fully leased is under negotiation, Bradley said.
“We’ve had substantial interest far beyond Blue Ocean’s initial expectations,” Bradley said. He said the Mariner Finance deal happened because “it’s a good value at a reasonable price, and it was a large chunk of space, and there aren’t a lot of chunks of space in White Marsh.”
Bradley said the building is leased at $23.50 per square foot, but he would not disclose the final price negotiated in Mariner Finance’s deal.
Ahead of Mariner Finance moving in, Blue Ocean is making upgrades to the building, including repainting the exterior and renovating the lobby, Bradley said. Mariner Finance has negotiated the right to put a sign on the building visible from Interstate 95 as part of the deal.
“It has great visibility from I-95 and walkability to amenities,” Bradley said. “It was a great location for their staff and their clients.”