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BALTIMORE-Capital Grille has decided to pre-lease space at Lockwood Place, a mixed-use project Downtown in the city’s Inner Harbor area. Marking its debut in Maryland, the popular steakhouse will occupy 8,400 sf of the retail space that will grace the 260,000-sf, $110-million development on Pratt Street. Trammell Crow is developing and marketing the class A property on behalf of Multi-Employer Property Trust. Madison Retail Group represented Capital Grille owner RARE Hospitality in the lease transaction.

“Interest in Downtown Baltimore from retailers and restaurants has dramatically risen over the last several years on both a local and national level,” says Downtown Partnership of Baltimore vice president Marshall Snively. “The market has benefited from a growing residential base, a steady increase in hotel, office and cultural/entertainment projects throughout Downtown Baltimore, and as a result we have seen the number of restaurants consistently grow and prosper, from the Harbor to Historic Charles Street to the burgeoning Westside of Downtown Baltimore.”

According to NAI Direct, retail space in Downtown Baltimore is generally marketed at a range of $15 to $40, with the average effective leasing rate coming in at $25 per sf. However, because of the premiere status of Lockwood Place, it is likely that leasing rates are closer to the higher end of the spectrum. Capital Grille is on target to open for business during the first quarter of 2005.

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