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BALTIMORE, MD-Proprietary asset management firm Resource America Inc., owner of the 475,000-sf Alex.Brown Building, has decided to shop around for recapitalization or sale options for the property with the help of global real estate services firm Cushman & Wakefield.

The news comes on the heels of Resource America’s $45.5 million recapitalization of another one of its assets in the Mid-Atlantic region, the 218,000-sf Evening Star Building, which has an assessed value of over $100 million. The Alex.Brown Building, one the largest assets in Resource America’s real estate portfolio, has a 2003 assessed value of $80 million.Located at One South St. in Baltimore’s financial and municipal district, the Alex.Brown Building is a 30-story tower boasting 23 levels of office space, a single floor of retail space and seven stories of above-grade parking.

“We believe that the Alex.Brown Building will command a premium valuation due to its outstanding tenant base and credit characteristics, premier location and excellent condition,” says Resource America senior VP Alan Feldman. The class A property was developed in 1992, and despite rough economic times, it continues to have a strong tenant base.

According to Delta Associates’ 1st Quarter 2003 office market report, class A properties in the city’s central business district have direct vacancy rates of 12.8%;16.5% with sublet space. The Alex.Brown Building is leased up to 87% capacity, with about 90,000 sf of space available for sublet through Trammell Crow Co. for $23 to $28 per sf.

Current Alex.Brown Building occupants include private equity fund firms Camden Partners Inc., and QuestMark Partners LP, and law firms Neuberger, Quinn, Gielen, Rubin & Gibber, PA, and Goodell, DeVries, Leech & Dann LLP. Goodell DeVries recently renewed its lease on 40,000 sf for a 10-year term, marking one of the biggest leasing deals in Baltimore for 1st Quarter 2003.

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