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69,000-SF Lease Brings Office to Near 100%

BALTIMORE-Supply-demand factors in class A office space are in flux as firms consolidate operations within the city.

By Erika Morphy | Updated on June 05, 2008

BALTIMORE-The Maryland Insurance Administration has signed a lease for 69,151 sf at St. Paul Plaza, a 280,000-sf office located at 200 St. Paul Place. The lease brings the tower to 99% occupancy.

Brokers Kyle Durkee, Rich Thomas and Courtenay Jenkins with Cushman & Wakefield represented the landlord, the Kornblatt Co., in this transaction. MIA has leased the top three floors of the 28-story tower, plus a portion of the 23rd floor.

Asking rates in the building are $25 per sf, which is about average for class A space in Baltimore, Jenkins say. This particular building was developed in 1989, but he tells GlobeSt.com that it is still considered class A for the Baltimore market.

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