BALTIMORE—The 24-story office tower in Harbor East that serves as the world headquarters for Legg Mason is on the market.
The 24-story Legg Mason Tower, which is owned by H&S Properties Development Corp., is listed for sale by brokerage firm CBRE. The LEED Silver building at 100 International Drive is currently 97% leased. In addition to serving as the headquarters for global investment management firm Legg Mason, it is also the world headquarters for OneMain Financial. The Johns Hopkins Carey Business School is also a major tenant at the property. Retail tenants include J. Crew and Under Armour's Brand House.
The building, which was built in 2009, features 612,613 net rentable square feet of space with ground-level retail and a five-story, below-grade parking garage it shares with the Four Seasons Hotel. Harbor East Management Group is looking to add six stories to the 21-story Four Seasons Hotel Baltimore.
According to the CBRE listing, assumable financing is in place. CBRE states that 3.45% of the rent roll is expiring during the next five years and that the building generates net operating income of $20.8 million.
H&S will reportedly consider offers for the outright purchase of the tower but according to the Baltimore Sun its preferance is to retain a stake in the property.
Brokers for the listing are CBRE senior vice presidents Robert Cashman and Jonathan Beard and associate Arthur Modell.
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