BALTIMORE, MD—The retail component of a newly-constructed two-story, 24,000-square-foot addition at 400 East Pratt St., is already fully leased one year after its delivery. Three new retailers are moving to the Inner Harbor building: CVS/pharmacy, Chick-fil-A and Nalley Fresh, joining Shake Shack and M&T Bank.
The expansion includes 12,000 square feet of new retail space, which brought 400 East Pratt's retail total to 21,000 square feet. Before the expansion 400 East Pratt was 143,750 square feet and 65% occupied. Now the building totals approximately 167,750 square feet and is 95% occupied.
Building owner and operator PDL Pratt Assoc. designed the retail space to reflect the goals of the Pratt Street initiative, a plan developed by the Downtown Partnership of Baltimore and supported by Baltimore City and the Baltimore Development Corporation to revitalize downtown Baltimore and improve the north side of Pratt Street.
The retailers selected for the building, says David Leibowits, partner of PDL Pratt, "will provide great amenities for the office tenants and the Inner Harbor.”
Cushman & Wakefield negotiated these retail transactions as well as a deal announced in August that CPA firm Ellin & Tucker would relocate its Baltimore headquarters to the building taking the full second floor of the expansion and a portion of the existing third floor in a 31,000 square foot deal.
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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.
