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BALTIMORE-One of Downtown’s towering office buildings, the 16-story structure at 10 E. Baltimore St., has been sold in a recent deal valued at $16.4 million. A joint venture consisting of an affiliate of Harbor Group International LLC and an institutional investor purchased the 168,400-sf building from ATAPCO. According to Maryland tax records, the class B property has a current assessed value of about $10.4 million.

The building was developed 31 years ago in the heart of the city’s central business district. Today it is nearly 97% occupied by a solid list of tenants including the State of Maryland, web hosting solutions provider Alabanza Inc., American Trading and Production Co., and Parsons Engineering.

Keeping an office building full is no easy feat in the city’s CBD these days, where the direct vacancy among class B office properties is 12.6%, according to Mackenzie Commercial.

For Harbor Group, 10 E. Baltimore fits in perfectly with its current acquisition strategy; the company invested in another office property in the area earlier this year. “10 East Baltimore St. has an excellent location and a strong tenant base,” says Harbor Group chairman and CEO Jordan E. Slone. “We believe Downtown Baltimore is a strong market and we look forward to continued investment there.”

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