BALTIMORE, MD – Armada Hoffler Properties Inc. has agreed to purchase a 79% interest and an additional 11% economic interest in the mixed-use Exelon building in Baltimore, MD for an aggregate acquisition value of $246 million.
Located in Baltimore's downtown waterfront neighborhood Harbor Point, the 23-story property comprises 444,000 square feet of class A office space, 103 multifamily units, 38,500 square feet of retail space and 750 parking spaces.
The office component of the property is fully-leased by the clean energy provider, Exelon, which utilizes the office space as its regional headquarters. The company is pursuant to lease with a remaining term of 15 years, with 3% annual escalation. Exelon additionally leases 500 of the property's parking spaces.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
