Baltimore Behemoth to Change Hands
- Jun 28, 2015
The tallest building in Baltimore is about to get a new owner. Transamerica Tower, one of downtown’s most prominent skyscrapers, was placed on the market at the start of the year. Now, it has found a buyer.
The Baltimore Business Journal reports that Columbia-based Corporate Office Properties Trust is under contract to buy the tower at 100 Light St. If the transaction goes through, it would mark COPT’s second purchase of an important downtown Baltimore office property in 2015. In March, the company paid $63.5 million to buy the 368,200-square-foot Class A office building at 250 W. Pratt St.
Transamerica Tower opened in 1973. It has 35 stories and a height of 529 feet. The building offers a total of 549,000 square feet of space, and, according to its website, there are currently only about 22,000 square feet still available. Its tenant roster includes companies such as Transamerica, Miles & Stockbridge P.C. and Ober Kaler.
Lexington Realty Trust purchased the property in 2006 as part of a portfolio sale when it merged with Newkirk Realty Trust. DTZ has been marketing the building on behalf of the owner.
The potential purchase price is still unknown, as few details have yet emerged about the deal.
Photo credit: www.100lightstreet.com