BALTIMORE, MD-A 28-story tower in the city's CBD has traded for $19.6 million. Local investor Blue Ocean Realty purchased the office, located at 201 North Charles St., a transaction brokered by Cassidy Turley.
The tower, which is 264,126 square feet, is the city's only LEED Gold EB certified office tower. Jonathan M. Carpenter and James S. Wellschlager of Cassidy Turley's Capital Markets Group represented the seller, Lexington Charles Limited Partnership.
The trade signifies an increase in investor interest and confidence in Downtown Baltimore, Carpenter says in a prepared statement. The city's fundamentals are improving, for starters. Also, Baltimore plays an interesting role among US markets: it is not a gateway city like Washington DC or New York City --- but it doesn't have those gateway city price points either. Says Carpenter: "Competition for investment opportunities in gateway markets such as New York and Washington D.C. remains frothy, and Baltimore is increasingly viewed as a viable investment alternative."
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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.
