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BALTIMORE-CSG Partners is acquiring its first urban office property: 20 Charles St., or as it is locally known, the Sun Life Building. CSG is the real estate development and investment arm of a joint venture between the Creaney & Smith Group, and the Global Merchant Bank Group of Prudential Real Estate Investors. The JV is purchasing the 12-story, 170,000-square foot office tower for $9.2 million from SLM Properties, an investment entity of Asset Capital Corp.

The property earned its moniker from Sun Life Insurance Co., which occupied and owned the building until the 1980s. Now, 20 Charles is 78% leased to a number of law firms including Blades & Rosenfeld and Schlachman, Belsky & Weiner, as well as the Y of Central Maryland. CSG plans to renovate the interior of the 42-year-old building, as well as add a retail component to the first floor. Robert Cashman and Jonathan Beard of CB Richard Ellis Commercial Real Estate represented the seller in its trade.

Up until now, CSG has focused on suburban office, flex and industrial projects. Sun Life is a CBD asset and the company intends to reposition it. “We envision a tremendous upside as the marketplace becomes reintroduced to this project,” Alan C. Grabush, principal, director of Marketing and Acquisitions for CSG Partners, says in a prepared statement. Colliers Pinkard will be handling leasing for the building, with Bruce Matthai overseeing the marketing program.

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