BALTIMORE-McHenry Row, a 175,000-square-foot office and retail building under development in the Locust Point portion of Baltimore’s Downtown is now 75% preleased--an achievement that seems to ignore a vacancy rate in the city that is close to 18%, according to Joe Nolan of NAI KLNB.

NAI KLNB and Cushman & Wakefield are handling the office leasing for the mixed-use project for developer Mark Sapperstein. Tenants that have inked deals recently include Gkv, which announced it would relocate its corporate headquarters to McHenry Row, as well as the Baltimore Metropolitan Council and KCI Technologies.

Asking rates for the office portion are $25.75 per square foot, plus utilities. There are few to no office buildings under development in Baltimore now, Nolan says--but the city has yet to enter supply-constrained territory. He attributes the high level of preleasing to the building’s location across from the waterfront, making it very easy to get in and out of Baltimore. Also, even though the building is located in the Downtown market, it offers suburban amenities, he says--namely free indoor parking.

McHenry Row is located near the intersection of Key Highway and East Fort Street, offering direct access to Interstate 95. All together the project offers 110,000 square feet of retail space with 64,000 square feet of office space and 250 residential apartments. The office building will be delivered this fall; only the top floor is still available. Retail tenants include Harris Teeter, the Greene Turtle restaurant, Dunkin's Donuts, M&T Bank and PNC Bank.