Chick-fil-A, CVS/pharmacy and Nalley Fresh Coming to Baltimore’s Inner Harbor
- Oct 03, 2014
By Adrian Maties, Associate Editor
Three new retailers are coming to Baltimore’s Inner Harbor. CVS/pharmacy, Chick-fil-A and Nalley Fresh recently signed leases at 400 East Pratt Street, bringing the retail portion of the project to full occupancy.
PDL Pratt Associates has owned and operated 400 East Pratt for more than 30 years. In July 2013, the company started work on an expansion project, adding the now fully leased 22,000 square feet of retail space, a high-end office lobby and outdoor seating for the new restaurants. The expansion was part of the Pratt Street initiative, a plan developed by the Downtown Partnership of Baltimore, with the help of the city of Baltimore and the Baltimore Development Corporation, to revitalize the downtown area.
“PDL Pratt Associates continues to attract top retail tenants that appeal to Downtown Baltimore’s growing base of residents and employees, as well as the millions of people who visit here each year,” Kirby Fowler, president of the Downtown Partnership of Baltimore, said in a press statement. “The new addition at 400 East Pratt Street is performing exactly as hoped, improving the pedestrian experience and further diversifying this mixed-use district.”
Cushman and Wakefield represented PDL Pratt Associates in the transaction. CVS/pharmacy, Chick-fil-A and Nalley Fresh will now join Shake Shack and M&T Bank. In August, Cushman & Wakefield also announced that the accounting firm of Ellin & Tucker will relocate its Baltimore headquarters to 400 East Pratt Street, taking over the entire second floor of the expansion and a part of its third floor. David Leibowits, partner of PDL Pratt Associates, said the new retail tenants “will provide great amenities for the office tenants and the Inner Harbor.”
In its national retail report for 2014, Marcus & Millichap said retail operations in the Baltimore area have improved over the past three years and are expected to continue on the same path this year as well. The rising net absorption will push the area’s vacancy down to 4.1% this year, while the average asking rents in the metro will rise by 3% to $19.75 per square foot.
Photo credits: Cushman and Wakefield