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Trizec Bows Out of Baltimore, Columbia

CHICAGO-Behringer Harvard Funds pays $51.8 million for the 368,000-sf 250 W. Pratt building near Baltimore's Inner Harbor while the REIT gets $33.8 million for the 303,000-sf Bank of America Plaza in Columbia, SC.

By Mark Ruda | Updated on January 03, 2005

CHICAGO-Trizec Properties Inc. closed the books on 2004 by selling out of two more non-core markets, dealing 250 W. Pratt in Baltimore’s Inner Harbor area to Behringer Harvard Funds for $51.8 million while getting $33.8 million for Bank of America Plaza in Columbia, SC. The 368,000-sf Baltimore office building was most recently 76% leased, while the 303,000-sf Bank of America Plaza boasted an 88.7% occupancy rate.

“We had hoped to make substantial progress on the repositioning of our portfolio during the past few months, and we fully accomplished what we set out to do,” says Trizec Properties president and chief executive officer Tim Callahan. “We are entering 2005 well positioned to take advantage of opportunities as they present themselves.”

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