Blue Ocean Realty Buys Downtown Baltimore’s Only LEED Gold EB Certified Office Tower

Baltimore’s 201 North Charles Street has a new owner. Blue Ocean Realty, a local company, paid $19.7 million or about $75 per square foot for the property. Jonathan M. Carpenter and James S. Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Lexington Charles Limited Partnership. The deal is the first significant investment sale in downtown Baltimore since 2007.

Baltimore’s 201 North Charles Street has a new owner. Blue Ocean Realty, a local company, paid $19.7 million or about $75 per square foot for the property. Jonathan M. Carpenter and James S. Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Lexington Charles Limited Partnership. The deal is the first significant investment sale in downtown Baltimore since 2007.

201 North Charles Street is a 28-story Class-A office building located in Baltimore’s Central Business District (CBD), just blocks from City Hall and the Inner Harbor. It was completed in 1967 and offers 264,126 square feet of space. At a height of 350 feet, 201 North Charles Street is the 13th-tallest building in the city. It is also the only LEED Gold EB Certified office tower in Baltimore’s CBD. In 1993, it earned the BOMA Building of the Year Award.

“This sale signals an increase in investor confidence in the Downtown Baltimore office market as fundamentals continue to gradually improve in the Baltimore CBD,” Jonathan M. Carpenter, managing director and principal at Cassidy Turley, said in a press statement. “Competition for investment opportunities in gateway markets such as New York and Washington D.C. remains frothy, and Baltimore is increasingly viewed as a viable investment alternative.”

Another Baltimore office building, not far from 201 North Charles Street, also recently changed hands. The Baltimore Business Journal reported that Associated Black Charities Inc. has sold its Mount Vernon headquarters building for $1.2 million to Jabber Five Real Estate Group. The 11,000-square-foot building is located at 1114 Cathedral Street. Associated Black Charities will continue to lease space in the building and will occupy the entire second floor, but the Baltimore Business Journal reports that the new owner plans to replace the former office space with retail.

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