HighRock Group announced today that it has come to terms with CER Hagerstown, LLC to purchase the parcel located at 529 Pangborn Boulevard and plans to renovate the remaining building at the site on Pangborn Boulevard.
Terms of the proposed transaction were not disclosed. Closing on the property is expected to occur in late Summer or early Fall of this year.
“When HighRock started in 2005, we had four employees,” says Rich Daughtridge, President and CEO of HighRock Group. “Fast-forward to 2018, and our family of companies now employs over 120 individuals across the tri-state/greater Baltimore region, and we want toour goal is to continue on that growth curvegrowing. We’re simply out of space in our Downtown Hagerstown location. Our vision is to create a headquarters that inspires creativity, innovation and collaboration not only between our companies, but also with other like-minded tenants who lease space in the building.”
The property at 529 Pangborn Boulevard sits on 13.83 acres and includes 26,400 square feet of building space zoned for office and commercial use. Daughtridge explained that HighRock Group has performed all the pre-construction planning and is expecting a multi-year process to fully renovate the location. Pre-lease opportunities are available for companies who share HighRock’s vision.
“Our team has been dreaming about this space for years, and we have been very intentional with our design plans,” says Katie Stover, Vice President of HighRock Studios, one of the companies held by HighRock Group. The architectural concepts produced by the 3D artists at HighRock Studios feature modern industrial décor, open floorplans, and plenty of common areas for indoor and outdoor recreational use. Daughtridge adds, “We want to keep the space authentic to its history, but also look to the future. The space has endless possibilities beyond Class-A office use. We’re in the discovery phase for ideas such as a walking trail, a space for large corporate events and even some retail space. Over time, we’re confident we can build a campus that promotes the kind of healthy living, innovative environment our employees and this community craves.”
Current owner CER Hagerstown is working with City, County and State agencies to complete Voluntary Cleanup Program activities at the site. The Voluntary Cleanup Program (VCP) was established by the state legislature in 1997 and is administered by the Maryland Department of the Environment (MDE) Land and Materials Administration's Land Restoration Program (LMA-LRP). The goal of the program is to repurpose so-called “brownfield” sites by streamlining the cleanup process while ensuring compliance with existing environmental regulations. Remediation work at the site has commenced and is progressing on schedule.
Daughtridge adds, “I went back through my notes and realized I’ve been looking at this property for the last nine years, hoping one day we would have an opportunity to purchase it. We love the fact we’re taking a piece of Hagerstown’s history and bringing it back to life.”