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BALTIMORE-In a deal valued at nearly $51.3 million, a Harbor Group International LLC affiliate has snapped up the Mercantile Bank & Trust Building from its namesake owner, Mercantile Bank & Trust. The 400,300-sf office tower is leased to maximum capacity and is also home to, among others, law firm Venable LLP, which maintains offices space accounting for 32% of the building. Mercantile Bank occupies 42% of the structure as lead tenant.

Carrying the address of 2 Hopkins Plaza in Downtown right off Interstate 395, the Mercantile Bank Building–which also features a 300-plus-space underground parking facility–has towered 22 stories over the city since its development in 1970. The office structure’s prime location places its tenants just a stone’s throw from some of the city’s major sites, including the Inner Harbor, the 1.2-million-sf Baltimore Convention Center, the 160,000-sf Power Plant retail and entertainment destination, and two major professional sports stadiums. Seller and tenant Mercantile Bank will continue to occupy its space in the building under a long-term sale-leaseback agreement with the new owner.

For HGI the acquisition further ensconces the company in the Downtown area, where it already owns such significant properties as the 380,000-sf Wachovia Tower and the 168,000-sf office at 10 E. Baltimore St., purchased just three months ago. “The Mercantile Bank & Trust building fits our acquisition strategy perfectly,” HGI’s director of communications notes. “Our ownership experience and already-strong presence in Downtown Baltimore will be significant benefits for this property.”

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