Located at 7 St. Paul St. in the nucleus of Baltimore's central business district, the 18-year-old First Union Tower is currently leased to 92% capacity, with First Union Bank carrying a long-term lease on half of the building's space. The structure's high occupancy level is in line with the 10.4% vacancy rate among the city's CBD office market, but belies the 13.7% office vacancy rate in the Baltimore's general office market. Other tenants in the First Union Tower include Salomon Smith Barney and law firms Whiteford Taylor & Preston and McGuire Woods Battle & Boothe.

For HGI, the multi-million dollar procurement marks its first major property purchase of the year. First Union was part of a tax-deferred exchange, and is representative of the company's current approach to acquisitions. "A key part of our strategy is to acquire trophy towers anchored by banks on long-term leases," HGI marketing director Sid Bridge shares with GlobeSt.com. "The average asking rate in the building is pretty much in line with the nine or so buildings that compete with the First Union Tower," he adds. Leasing fees in class A office space in the area hover between $25 per-sf and $32.5 per-sf. In addition to the office space, the structure also offers ground-level retail and an aboveground, four-level parking garage capable of accommodating more than 200 vehicles.