Two Baltimore Office Towers Hit the Market
- Feb 09, 2015
In its latest office market report, CBRE said that investors are showing more interest in the Baltimore metro area than since before the recession. The number of office sales in 2014 exceeded that of the previous year and, according to CBRE, activity is expected to continue to increase, as pricing returns to pre-recession levels.
According to the Baltimore Business Journal, two large Baltimore office properties were recently placed on the market. The two are the Transamerica Tower, the city’s tallest building, and the One South Street office tower. DTZ is marketing both properties.
The Transamerica Tower opened in 1973, at 100 Light Street. It was formerly know as the Legg Mason Building. The 35-story tower has a height of 529 feet and offers 549,000 square feet of office space. The owner, Lexington Realty Trust, did not reveal how much it wants for the property. According to the Baltimore Business Journal, Lexington Realty acquired the Transamerica Tower in 2006, as part of a portfolio sale, when it merged with Newkirk Realty Turst.
The second big office property to be placed on the market this year, the 30-story One South Street tower, was completed in 1992. The property is LEED Silver certified and offers 478,000 square feet of space. America Real Estate Partners, the owner, also did not announce a price for the property. The Baltimore Business Journal reported that One South Street last changed hands in 2005, for $31 million.