C&W Arranges $70M Loan for Baltimore Office Property
- Apr 23, 2018
Cushman & Wakefield recently orchestrated $69.5 million in financing for One East Pratt, a 355,000-square-foot office building in Baltimore. The commercial real estate services firm acted on behalf of Banyan Street Capital, the new owner of the premier property sited at 1 E. Pratt St.
Banyan, which was joined by Oaktree Capital Management LP on the acquisition of One East Pratt, acquired the downtown office building from Vanbarton Group (formerly Emmes Asset Management Co.) for $80.1 million. C&W secured a commitment from an international bank for the financing, presenting the borrower with a five-year, floating-rate loan.
“One East Pratt Street was very well received by the lending community, with good sponsorship being a key factor that made the property attractive to lenders,” John Campanella, executive managing director with Cushman & Wakefield, told Commercial Property Executive. “The asset being well-located and Class A also attracted lenders.”
Originally developed in 1977, One East Pratt stands 10 stories tall and features 22,000 square feet of street-level retail. PNC Bank headlines the tenant roster, maintaining its local headquarters at the building and occupying a portion of the retail space as well. Also calling the property home is commercial real estate services firm Newmark Knight Frank, which was recently tapped by Banyan to oversee leasing at the building. Banyan plans to upgrade One East Pratt, which underwent three cosmetic renovations between 2009 and 2017.
Busy in Baltimore
It’s not just lenders that find the Baltimore office market appealing; buyers, like Banyan, are also drawn to properties in Charm City. Year-to-date transactions include Hertz Investment Group’s $36.8 million acquisition of Wells Fargo Tower, a 378,000-square-foot asset at 7 St. Paul St. in the city’s central business district. Additionally, Morning Calm Management shelled out $60 million on the purchase of the 280,000-square-foot office building at 500 E. Pratt St.
“The Baltimore market continues to be an attractive option for investors,” according to a first quarter 2018 market report by C&W. “The CBD submarket has been a hot bed for transactions over the last several years, more specifically the highly regarded Pratt Street Corridor.”
Image courtesy of Newmark Knight Frank