Utility Co. Headquarters Sold for $5M

BALTIMORE-About eight months after having agreed to the deal, Baltimore Gas and Electric Co. has wrapped up the sale of its 21-story West Tower headquarters building to Southern Management Corp. in a deal valued at a reported $5 million. The beaux-arts style structure, which has 177,000-sf of leasable space, was originally developed in 1916 and will undergo a redevelopment process that will convert it into a 183-unit multifamily building.

“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.”