BALTIMORE—A bank* has provided $48.75 million in permanent financing for One East Pratt St. Cassidy Turley's John Campanella and Paul Spellman arranged the financing on behalf of Emmes Asset Management Company LLC.
The 10-story office building traded in February. The joint venture between Griffith Properties and Fremont Realty Capital sold the building to Emmes Ventures, LLC for $58.7 million. Not surprisingly, the building generated huge interest at the time, producing more than 120 registered buyers and 14 qualified offers to Cassidy Turley, which marketed the property.
A 355,779-square foot office located at the epicenter of Baltimore's CBD, One East Pratt is directly adjacent to the Inner Harbor. It is 71% occupied, with major tenants including PNC Bank, KPMG, Verizon and Merrill Lynch. The ground floor retail is occupied by Sullivan's Steakhouse, Kona Grill and Nature's Table.
Prior to that the building last traded in 2006 with a 50% vacancy rate. Griffith and Fremont went on to invest in a renovation and redevelopment of the building, including new retail space, that resulted in achieving LEED Gold Certification.
* Update: In an earlier version we reported that Invesco provided the funds for this transaction, due to incorrect information provided to GlobeSt.com by the broker.
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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.
