Hertz Investment Snags Baltimore’s Wells Fargo Tower
- Apr 06, 2018
Hertz Investment Group has acquired Wells Fargo Tower, a Class A office building in Baltimore, for $36.8 million. This purchase marks the firm’s first property in Maryland. Natixis provided a $29.3 million loan to the company, which used the financing to purchase the asset and fund tenant improvements and leasing commissions associated with the lease-up of the building.
Located at 7 St. Paul St., the 24-story tower comprises 378,010 square feet. Constructed in 1985, the property is currently 67 percent leased to tenants including Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King, and Wright, Constable & Skeen. The asset also features 10,808 square feet of ground floor retail and a four-story parking garage that offers 206 spaces. Wells Fargo Tower recently underwent several renovations including the lobby and replacement of water pumps, chillers and cooling tower.
“With the new, redevelopment of the inner harbor, we believe Baltimore is poised for substantial population and job growth,” said Jim Ingram, chief investment officer, Hertz Investment Group, in a prepared statement. “Wells Fargo Tower is a property that companies find attractive due to the location, proximity to the courthouse and opportunities for expansion. We are pleased to be in the Baltimore market, and continue to look for additional acquisitions.”
The property is in the heart of Baltimore’s central business district, offering access to the Charles Street metro station, Inner Harbor and nearby restaurants, hotels and entertainment venues.
Image courtesy of Hertz Investment Group