According to tax records, the 17-year-old, class A building--an air rights property that was developed above an eight-level parking facility--has a 2005 assessed value of $12.5 million. Redwood Tower LP acquired the structure in 1992 for $10.5 million.

Situated in the city's Inner Harbor submarket, Redwood Tower is 95% leased and is home to a diverse group of occupants, including Alex Brown Investment, the State of Maryland, and the federal government, which occupies a 40,000-sf space under a lease that is scheduled for renewal in 2008. For Redwood Tower LP, the timing was just right for the transaction. "They refinanced prematurely because of the excellent interest rates," LJ Melody's Geoffrey Rice tells GlobeSt.com.