It will take 12,823 sf on the 21st floor. Other recent tenants include Womble Carlyle Sandridge & Rice PLLC, which leased 17,737 sf in July and Turner Construction, which inked a 6,657 sf lease in April.
In this latest transaction, Tim Jackson, T. Courtenay Jenkins and Whitney M. Nye of Cushman & Wakefield represented the landlord, Behringer Harvard Funds. Jim Grieves of MacKenzie Commercial represented Cannon Design. Jackson tells GlobeSt.com that, with a 5% vacancy rate, the building is nearing full occupancy.
"As quickly as space becomes available we are able to lease it up," Jackson says. "The Cannon lease is back filling space now occupied by PricewaterhouseCoopers. The space will be delivered to Cannon for construction the day after Price vacates it." Asking rates for the remaining space range from $28.50 per sf on the 22nd floor to $27.50 per sf on the eighth floor, for which Jackson says, the building has received a letter of intent.
In general, Jackson says, there has been a flight to quality space--class A plus buildings--in Baltimore in recent years. The result, he says, is that today there are very few options for tenants looking for 10,000 sf and above. Two years ago, 250 W. Pratt St., as one example, was 78% leased. Over that time frame the building has inked about 220,000 sf to 10 tenants.
Behringer Harvard bought the building in December 2004 for approximately $52 million. It is currently planning a lobby renovation to include new lighting and wall finishes.
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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.
