BALTIMORE, MD-PNC Financial Services Group has inked a lease for 119,000-square feet in a building in the city’s iconic Inner Harbor district. The lease leaves One East Pratt St. with only 80,000-square feet left to lease, Kevin Wille, SVP at CB Richard Ellis, tells GlobeSt.com. Wille represented the building’s owners--a joint venture between Griffith Properties and Fremont Realty Capital--in the transaction. PNC Bank was represented by Courtenay Jenkins with Cushman & Wakefield and John Hennessey of GVA/Williams. The deal is also a win for the city because PNC opted to keep its regional headquarters within city borders, Wille adds. Besides the office space, PNC is taking 7,000-square feet of retail space on the first floor for a bank branch.

Where else PNC would have gone if it wanted to stay in Baltimore is an open question. According to Wille, the space at One East Pratt St. was one of the last large contiguous blocks available and asking rates for the remaining space are approximately $26.50 per square foot. PNC plans to move from its current address at Two Hopkins Place in July 2012.

The building has steadily built up its occupancy since it was acquired by its current owners in 2006 with a 50% vacancy rate. Griffith and Fremont have invested in a renovation and redevelopment of the building including new retail space that now houses two restaurants.