Hyatt Commercial Completes $19.5M Sale of Class A Office Asset in Annapolis, MD

Annapolis, MD – April 28, 2026 – Hyatt Commercial completed the sale of 1750 Forest Drive, a 120,750 square foot Class A office building in Annapolis, Maryland. The asset traded for $19.5 million.

Transaction Overview

Forest Drive Holdings, LLC—a partnership between Blue Vista Capital Management and Manekin, LLC—sold the property to a partnership between Melrose Solomon and Cambridge Holdings. Hyatt Commercial brought the asset to market in September 2025.  The transaction ultimately settled on April 15th.

Property Highlights

The building underwent a massive transformation from 2017-2019, fundamentally repositioning the former Maryland Automobile Insurance Fund headquarters from a single tenant government facility into a technology-forward, amenity-rich Class A destination.

The architectural centerpiece is a dramatic three-story atrium lobby featuring 22' interior skylights and expansive glazing. As a result, the building creates a strong first impression attracting premium tenants regionwide.

The building is currently 76% leased and carries a 6.29-year weighted average lease term. This provides stable in-place income with additional lease-up potential.

Tenant Mix & Location Advantage

The signature landmark asset is strategically located along Annapolis’s gateway on Aris T. Allen Boulevard—one of two primary arterial entrances serving the capital city.

Currently, 10 tenants currently occupy the building. The mix includes  government, medical, and private sector tenants. The Annapolis location offers proximity to key demand drivers, including the United States Naval Academy, Downtown Annapolis, and the Maryland State House. The surrounding area  features strong dining, retail, and waterfront amenities appealing to tenants and investors.

Representation

Hyatt Commercial’s Dennis Murphy, Laurie Zuiderhof, and Randy Miller represented the property owners leasing efforts since 2020. Over that time, they secured all but two tenants and leased more than 80,000 SF. Notably, this pace exceeded the broader market, despite challenges created by COVID.

When ownership decided to sell, Dennis, Laurie, and Randy, brought in the Hyatt Investment Sales Team, Led by Cecil Cummins, Eric Pinkett and Owen Wellschlager, to spearhead the disposition.

“This transaction demonstrates continued investor demand for well-located, institutional-quality office assets with strong fundamentals,” said Cummins. “In particular, the tenant diversity, in-place income, and added value through lease-up potential made this a compelling opportunity.”

“1750 Forest Drive represents a high-quality asset in a strategic Annapolis location,” said John Graham of Manekin. “We are proud of the repositioning effort and the value created through the redevelopment, and we are confident the new ownership will continue that momentum.”

For media inquiries, contact Gabrielle Titow at gtitow@hyattcommercial.com.