BALTIMORE—Corporate Office Properties Trust has acquired 250 West Pratt St., for $63.5 million, from TIER REIT. The seller was represented by Cushman & Wakefield's Cristopher Abramson, Brian Kruger, Nicholas Signor, Courtenay Jenkins, Whitney Nye and Tim Jackson.
250 West Pratt Street is a 368,190-square foot, 24-story office building overlooking Oriole Park at Camden Yards. It is 95% leased to a range of tenants including the new North American headquarters of Pandora Jewelry and the University of Maryland Medical System.
"The sale captures the value that TIER REIT built in securing long term leases with Pandora and University of Maryland Medical System, among others," said C&W's Abramson.
The building last traded in 2004 for $51.8 million. A call to Abramson was not immediately returned.
COPT pursued the building as part of its push to increase the quality of its regional office portfolio," says the REIT's president and CEO Roger Waesche Jr. in a prepared statement. The purchase increases "our ownership of urban, infill buildings in amenity and transportation rich submarkets," he says. A call to COPT was not immediately returned.
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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.
