"Finalizing this sale is indeed a milestone," BGE president and CEO Frank O. Heintz says. "Renovation of the older West Tower, one of Baltimore's architectural crown jewels, promises to figure prominently in the city's continued west side redevelopment efforts and further illustrates BGE's continued commitment to the downtown area."

The utility company's staff of over 500 will be housed in the 171,000-sf 15-story East Tower once a massive renovation of that structure is completed in 2005. The apartment property will hold on to the address of 39 W. Lexington St. and is expected to open its doors to residents in 2006 or 2007. Both endeavors are part of the city's $800 million Westside Redevelopment Project.