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1750 Forest 1750 Forest Dr 120,750 SF 74% Leased 4-Star Office Building Annapolis, MD 21401 For Sale



INVESTMENT HIGHLIGHTS
- 120,750 RSF Trophy Office | Class A landmark asset with transformative $20M+ redevelopment.
- Stabilized Cash Flow | 76% leased with 6.9-year WALT, NOI available with details in the deal room once a CA is signed
- Premium Amenities | WiFi café, food trucks, tenant showers, bike-friendly property, digital lobby kiosk.
- Strong Tenant Mix | 10 tenants including 3 U.S. government agencies and 3 medical users.
- Value-Add Upside | 28,578 RSF of leasable vacancy in a submarket with just 7.6% vacancy.
- Prime Annapolis Location | Direct Forest Drive frontage with walkable access to top retail, dining, and services.
EXECUTIVE SUMMARY
Forest Drive Holdings LLC, a partnership between Manekin (developer/ asset manager) and Blue Vista Capital Management (equity partner), executed a comprehensive transformation from 2017-2019, fundamentally repositioning the former Maryland Automobile Insurance Fund headquarters from single tenant government facility into a technology-forward, amenity-rich Class A destination. The architectural centerpiece—a dramatic three-story atrium lobby featuring 22-foot interior skylights and expansive glazing—creates an impressive first impression attracting premium tenants regionwide.
Operating at 76% occupancy in a submarket with stable 7.6% vacancy rates, 1750 Forest commands premium rents through superior amenities and prime location. Multiple tenants relocated from competing Annapolis properties specifically for access to the building’s differentiated offering, including South River Mortgage (from 1 Park Place), DFS (from downtown Annapolis), and RedZone (from Solomons Island Road), validating competitive positioning and pricing power. R2P even chose this asset instead of 810 Bestgate Road, a building delivered at the same time by St Johns Properties.
With a 6.29-year weighted average lease term as of January 2026, the property provides exceptional cash flow stability while offering meaningful upside through lease-up of remaining 24% vacancy. The diversified tenant roster spans government (22% of building), medical (17% of building), private sector users, and federal agencies (IRS, EPA, National Park Service), creating multiple demand drivers and reducing concentration risk.
1750 Forest Drive presents a compelling acquisition opportunity for sophisticated investors seeking a stabilized Class A asset with embedded value-add potential in a supply-constrained market. The combination of stable cash flows, lease-up opportunity, and below-replacement-cost basis creates an attractive risk-adjusted return profile for both owner-occupants and institutional investors in the coveted Annapolis submarket.
PROPERTY FACTS
AMENITIES
- 24 Hour Access
- Atrium
- Controlled Access
- Food Court
- Food Service
- Property Manager on Site
- Security System
- Signage
- Skylights
- Monument Signage
- Outdoor Seating
- Fiber Optic Internet
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
U.S. Environmental Protection Agency’s (EPA) mission is to protect human health and the environment. The agency was founded in 1970 and is headquartered in Washington, District of Columbia with additional regional headquarters offices nationwide. EPA works to ensure that: Americans have clean air, land and water; National efforts to reduce environmental risks are based on the best available scientific information; Federal laws protecting human health and the environment are administered and enforced fairly, effectively and as Congress intended; Environmental stewardship is integral to U.S. policies concerning natural resources, human health, economic growth, energy, transportation, agriculture, industry, and international trade, and these factors are similarly considered in establishing environmental policy; and more.
Whether it is regulating national banks, determining international economic policy, collecting income and excise taxes, issuing securities, reporting the government's daily financial transactions, or manufacturing coins or bills for circulation, the one concern that still ties together the activities of the Department of the Treasury is money. Though formally established as an executive department by the First Session of Congress in 1789, many functions of the Department of the Treasury were being carried out even before the signing of the Declaration of Independence thirteen years earlier. Over the decades, the functions of the Department have expanded and grown more sophisticated to meet the needs of a developing nation. Today, the Department of the Treasury remains the premier financial institution of the United States with a full-time agenda of accounting, revenue collection, money production, and economic policy formulation.
Since 1916, the National Park Service has been entrusted with the care of their national parks. With the help of volunteers and partners, they safeguard these special places and share their stories with million visitors every year. But their work doesn't stop there. They are proud that tribes, local governments, nonprofit organizations, businesses, and individual citizens ask for their help in revitalizing their communities, preserving local history, celebrating local heritage, and creating close-to-home opportunities for kids and families to get outside, be active, and have fun. Taking care of the national parks and helping Americans take care of their communities is a job they love, and they need—and welcome— help and support.
Since its founding, RedZone Technologies has specialized in Small to Mid Enterprise Technology solutions with a focus on security. They are a leader in Managed IT Services, Professional Services Integration and Assessments. In response to constant and never ending world wide threats, changes to vendor and industry changes and governance risk and compliance, RedZone is continuously innovating their solutions and assessment methodologies to protect you.
More like a fitness center and athletic training room than a doctor’s office, each of their Rehab 2 Perform locations (Frederick and Germantown) feature a variety of equipment, turf, and other features to get people moving quickly and performing at their peak! At the end of 2014, Rehab 2 Perform was created to change the standard in Physical Therapy. They continue to push their brand of Physical Therapy out to the community in an effort to better serve competitive athletes, active adults and those looking to become more active, by focusing on movement, and not primarily pain. Rehab 2 Perform's mission to ensure that people reduce the risk of re-injury and are empowered with the tools they need to be physically active, and achieve performance in the areas that matter to them.
South River Mortgage takes pride in educating homeowners about the financial opportunities available to them. Finding financial solutions to create a retirement plan can be difficult on your own but they provide the clarity and support to make the process as easy as possible. They help homeowners regain control of their finances through the use of reverse mortgages as an essential retirement tool. Retirement is a time to leave financial stress behind. Many of their borrowers experience a renewed peace of mind and sense of independence with their reverse mortgage. Thousands of homeowners across the U.S. choose South River Mortgage to help them secure the retirement they want and deserve.
Verbal Beginnings provides Applied Behavior Analysis (ABA) therapy to children ages 2-18 diagnosed with Autism Spectrum Disorder (ASD). ABA therapy is an individualized approach that is tailored toward each child’s specific needs. Clinicians use effective research-based strategies that have been empirically validated to make meaningful changes in each child’s life. By utilizing the principles of ABA, Verbal Beginnings unlocks children’s potential. With individualized teaching procedures in place, clinicians make lasting progress in each child’s and family’s life. Verbal Beginnings is here to make a difference and give every child a chance. Their philosophy of changing lives and commitment to their core values have been the driving force that has allowed them to make an impact for an entire decade. It’s the same commitment to care with an expanding footprint that allows them to serve even more amazing kiddos and their families than ever before!
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
|
Public Administration | 21,730 SF | - | - | - | |
|
Public Administration | 5,385 SF | - | - | - | |
|
Public Administration | - | - | Single Net | Jul 2036 | |
|
Professional, Scientific, and Technical Services | 7,323 SF | - | - | - | |
|
Health Care and Social Assistance | 3,331 SF | - | Full Service | Jul 2051 | |
|
Finance and Insurance | 19,650 SF | - | Full Service | Mar 2037 | |
|
Health Care and Social Assistance | 14,732 SF | - | - | - |
PROPERTY TAXES
| Parcel Number | 06-000-07674002 | Improvements Assessment | $7,482,100 |
| Land Assessment | $11,452,000 | Total Assessment | $18,934,100 |
PROPERTY TAXES
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1750 Forest | 1750 Forest Dr
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