IPC REIT To Buy Marquee Office for $74M

BALTIMORE-A subsidiary of Toronto-based IPC US REIT has entered into a definitive agreement to buy a class A office building located in the city’s iconic Inner Harbor, for $73.5 million. The seller in the deal, which according to a source has not yet closed, is undisclosed.

The property, 500 E. Pratt St., is a 280,000-sf, 12-story building that delivered in 2004. Since then it has performed very well attracting a number of investment grade tenants, according to T. Courtenay Jenkins III, senior director at Cushman & Wakefield’s Baltimore office.

According to IPC, the building is currently 91% leased to such firms as Reznick Group, Aon Corp. and Saul Ewing LLP. The next lease set to expire in the building will be for 27,000 sf in 2012.