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COPT Sells Brown's Warf in Fells Point for $20.3M

Dockser Invests in Downtown Baltimore
October 13, 2006
Continuing to pare down its portfolio of 'non-core' assets, Columbia-based Corporate Office Properties Trust (NYSE: OFC) recently sold the historic Brown’s Warf office and retail complex at 1613-1637 Thames St. in downtown Baltimore for $20.3 million or approximately $194.98 per square foot.

COPT did not identify the buyer, although published reports linked the purchase to Washington, DC-based Exwood Management, a private investment group headed by partners Brad Dockser and Paul Sisson. Dockser is the chief operating officer of Western Development Corp., a Washington developer that bought Towson Commons office and retail mall in Towson last year. Sisson is a co-owner of Urban Adventure which operates a retail operation in Fells Point.

Located in the historic district of Fells Point, Brown’s Wharf is a 104,000 square-foot waterfront property built in 1940, with 74,400 square feet of office space and 29,600 square feet of retail space. The property was renovated in 1988.

At the time of sale, the building was 96% leased. Major tenants include The Johns Hopkins University and Maryland First Financial Services Corp.

Dennis Malone of Colliers Pinkard represented Corporate Office Properties Trust. The buyer was self-represented.
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