Baltimore High-Rise Office Buildings Going Up For Auction
- Sep 03, 2012
Two office buildings in Baltimore’s central business district are expected to be auctioned off in the following months. The two properties are the Calvert Center at 225 N. Calvert Street and the office building at 1 N. Charles Street.
The Calvert Center is a 17-story office building located between the Mercy Medical Center and the Battle Monument Park. The high-rise totals roughly 411,730 square feet and formerly housed Bank of America’s local operations center. A parking garage is located beneath the building and combines below-grade and above-grade parking with a total of 329 covered parking spaces.
Bank of America left in 2009, leaving behind 220,000 square feet of vacant office space. It was followed by M&T Bank. The Buffalo, N.Y., bank company vacated 30,500 square feet of space at 225 N. Calvert Street. Now, the high-rise sits mostly empty. Only seven percent of the building is currently occupied.
CBRE Auction Services announced the building will be sold at auction on Thursday, October 11, 2012. They have set a minimum bid of $14 per square foot. It represents a great opportunity for anyone looking to acquire an office building located next to a major medical campus, a new residential development and City Hall. The building could also be redeveloped.
The 25-story building at 1 N. Charles Street was constructed in 1962 and sits on a 0.36-acre parcel. It totals 291,000 square feet of office and first-floor retail space and is scheduled to be sold at a foreclosure auction on September 7, according to the Baltimore Business Journal.
Buccini/Pollin acquired the building in 2007 for almost $16 million. The company mentions on its website that building renovations of over $10 million are underway. They include a state-of-the-art security system and upgrades to the common areas.
MacKenzie Commercial Real Estate Services represents the Buccini/Pollin Group and says on its website that the building has 85,593 square feet available for lease. Office rent is listed between $14.50 and $16.50 per square foot. The building has Caribou Coffee, the second largest coffee and espresso retailer in the United States, as a tenant. The company occupies space on the ground level.
Charts courtesy of CBRE.