Law Firm Renews, Expands Baltimore CBD Lease
- Nov 20, 2019
CBRE has represented Grander Capital Partners in a lease renewal and expansion with law firm Brown, Goldstein & Levy at a 326,325-square-foot office building in Baltimore. The tenant is moving from the 17th floor to the 25th floor, increasing its space from 14,117 to 16,921 square feet.
Located at 120 E. Baltimore St., the property also known as the SunTrust Building was completed in 1989 and is undergoing renovations. The improvements will include an upgraded lobby, refurbished common areas and elevators as well as a full renovation of the ground-floor retail space occupied by Nalley Fresh. Situated in the city’s central business district, the building is in close proximity to numerous dining, retail and entertainment options.
The CBRE team of Susan Homberg, Tyler Feeley and James Bahr represented the landlord. Brian Wyatt and Bruce Matthai of Cushman & Wakefield worked on behalf of the law firm. The asset’s tenant mix also includes the Office of the State’s Attorney for Baltimore City, SunTrust Bank and the State Retirement Agency.
Grander Capital Partners bought the building in 2017 from Franklin Street Properties for $32.8 million, according to Yardi Matrix data. Citizens Financial Group financed the acquisition with a $28.7 million loan.
A recent Yardi Matrix report found that Baltimore’s office landscape is going through a major transformation, with several large mixed-use projects underway such as Sagamore’s Port Covington, Beatty Development’s Harbor Point as well as Howard Hughes Corp.’s Merriweather District in Columbia.