Towson University Purchases The Armory For $8.6 Million

TOWSON - Towson University is the new owner of The Armory, a 27,416-square-foot property on Washington Ave., according to Interim President Melanie Perreault.

“This is a historic day for Towson University, which now owns two buildings in downtown Towson that only further enhance our role as an anchor institution for Greater Baltimore and our state,” Perreault wrote in a press release.

The Armory is home to StarTUp, a small business accelerator and free public working space that has become a hub for student projects and small business meetings.

Towson began leasing the building in 2019 from Greenberg Gibbons Commercial (GCCAL), a real estate development firm in Owings Mills. In 2021, the university opened StarTUp, a small business accelerator, and free public working space.

The purchase seeks to avoid upcoming rent increases laid out in the 15-year agreement signed with GCCAL. In year six of the contract, rent would have increased by 10% and by another 11% in year 11 of the lease.

Towson University will also assume the lease signed by the Starbucks location in The Armory. According to the Maryland Board of Public Works, the additional revenue earned from the Star Bucks lease is expected to “offset the projected expenses of the University related to ownership.” The building also includes an extra 5,500 square-feet space with an outdoor patio that is available for lease, according to the university.

StarTUp at The Armory has been a massive success for Towson. In October, the University Economic Development Association named it “the top economic initiative in North America.” Perreault shared her hopes that the impact of the purchase would last for generations.

“The Armory has proven to be an asset for TU and the downtown Towson community in just 17 months since we officially opened its doors,” Perreault said. “This transaction only means that impact and the partnerships that are created here will last for generations to come. We thank our state partners for their support of this strategic acquisition.”