The property, 500 E. Pratt St., is a 280,000-sf, 12-storybuilding that delivered in 2004. Since then it has performed verywell attracting a number of investment grade tenants, according toT. Courtenay Jenkins III, senior director at Cushman &Wakefield's Baltimore office.
According to IPC, the building is currently 91% leased to suchfirms as Reznick Group, Aon Corp. and Saul Ewing LLP. The nextlease set to expire in the building will be for 27,000 sf in2012.
IPC reports that it has arranged a 10-year mortgage for $58.8million at a fixed-rate of 5.6%, which is interest only for theentire term. The deal, once completed, will mark the REIT's entryinto a new East Coast market, strengthening its presence in thestrategic Boston-Washington corridor, says Gary Goodman, the REIT'sPresident and CEO, in a statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
