(To read more on the net lease market, click here.)
BALTIMORE-Wachovia Securities has inked a 10,083-sf office lease on the 23rd floor of 250 W. Pratt St., an iconic class A office building in Baltimore's Pratt Street corridor. David Baird, senior vice president and director of brokerage of Trammell Crow Co. here, tells GlobeSt.com that negotiations for additional leases are under way for the top floor of the 24-floor story building, which will bring occupancy in the building above the 90% mark.
"We are decreasing vacancies steadily," he says. Other recent leases signed in the 367,760-sf building include XL Health, which has leased an additional 10,072 sf; Vertis Inc. which renewed 52,000 sf; and University Physicians Inc. which leased nearly 12,000 sf on the ninth floor.
In the Wachovia Securities lease negotiations, Tim Jackson, T. Courtenay Jenkins, and Whitney M. Nye from TCC represented the landlord and owner of 250 W. Pratt St., Texas-based Behringer Harvard Funds. Kevin McShea of McShea Realty Advisors in Pennsylvania and Bob Manekin of the Staubach Co. represented Wachovia on the deal.
250 W Pratt St.--a building visible beyond the outfield at Camden Yards baseball field--went through a period of tenant loss followed by tenant repositioning, Baird says. He attributes the increase in occupancy in part to cosmetic improvements to the building by Behringer Harvard.
Jason Mattox, senior vice president at Behringer Harvard tells GlobeSt.com occupancy has increased about 5% during the past six months. For now, the tower is the company's only Baltimore holding, but "Baltimore is a market still very much on our radar screen," Mattox says. "We have been very pleased with our investment so far in Pratt."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
