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BALTIMORE-The Maryland Insurance Administration has signed a lease for 69,151 sf at St. Paul Plaza, a 280,000-sf office located at 200 St. Paul Place. The lease brings the tower to 99% occupancy.

Brokers Kyle Durkee, Rich Thomas and Courtenay Jenkins with Cushman & Wakefield represented the landlord, the Kornblatt Co., in this transaction. MIA has leased the top three floors of the 28-story tower, plus a portion of the 23rd floor.

Asking rates in the building are $25 per sf, which is about average for class A space in Baltimore, Jenkins say. This particular building was developed in 1989, but he tells GlobeSt.com that it is still considered class A for the Baltimore market.

The rules of how class A performs in this market are changing, as the market responds to new supply and dynamics. “Increasing numbers of large blocks of space are re-entering the market as tenants leave either to consolidate operations.” In this particular transaction, the end result was a net absorption of space, he says. The space that MIA will by occupying was previously occupied by T. Rowe Price and Chubb Insurance, both of which consolidated their operations. T. Rowe Price moved to 100 Light St. while Chubb Insurance vacated half of its full floor and consolidated to Montgomery Park. “A lot of the times in this city we play musical chairs with space, but this time it we were able to successfully backfill a significant vacancy,” Jenkins says.

Other tenants in St. Paul Plaza include the NFL Player Benefits Office and the Maryland Attorney General’s Office. St. Paul Plaza amenities’ include a 3,690-sf conference center, a 900-space garage and 5,760-sf of ground-floor retail space, including an Imperial Capital Bank branch.

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