Run-Down Baltimore Office Tower Gets New Lease on Life
- Sep 10, 2015
Cushman & Wakefield announced this week that it has completed the sale of 300 St. Paul Place, a 22-story office building in Baltimore. PMC Property Group Inc. purchased the asset for $21 million from Kendall Baltimore LLC, according to the Baltimore Business Journal. Cristopher Abramson, Brian Kruger and Nicholas Signor, all of Cushman & Wakefield’s Capital Markets team, represented the seller in the transaction.
The office tower at 300 St. Paul Place was built in 1957 and offers 314,589 square feet of office space and a 67,000-square-foot parking garage. According to PropertyShark, the former owner purchased the property back in 2001, for $22.5 million. The real estate website also indicates that 300 St. Paul Place’s current market value is about $23.3 million.
The building was the headquarters of OneMain Financial until last October, when the company relocated to the Legg Mason tower in Harbor East. Since then, it has been sitting nearly empty, but its luck could be changing for the better. The Baltimore Sun reported that PMC plans to turn the property into residential units. Steven Bloom, a local operating partner for PMC, told the newspaper that his company intends to start work on the conversion as soon as the current tenant’s lease expires. The project is expected to take about ten months to complete and will bring about 280 units to the downtown Baltimore market. PMC currently owns more than 1,000 apartments in the Greater Baltimore area.