The downtown Baltimore office tower known as the Candler Building has sold to a Virginia firm for $62 million.
American Real Estate Partners Management of Herndon, Va., closed on the 12-story building at the beginning of February, according to Costar, a commercial real estate firm that tracks deals.
The roughly 589,000-square-foot building at 111 Market Place was 73 percent leased at the time of the sale, according to Costar. The property, which claimed Exelon its premier tenant until the energy company moved to Harbor Point last year, still houses firms such as Johns Hopkins and Venable LLP. The engineering firm RK&K has also rented space in the property.
The seller, Equity Commonwealth of Chicago, has been shedding properties to focus on major markets, said broker Jonathan M. Carpenter, an executive managing director at commercial real estate firm DTZ, who worked on the deal.
Buyer American Real Estate Partners Management could not be reached for comment immediately. The firm also owns 1 South Street in Baltimore.
The Candler Building, a converted Coca-Cola warehouse that fronts Pratt Street, dates to the early 1910s. It sold in 2003 for about $65 million. It is valued at about $50 million for tax purposes, according to land records.
Carpenter declined to comment on the price, but said the buyer intends to invest substantially in the site and is interested in the possibility to put more retail in on the ground floor. The building holds about 44,000 square feet of possible retail space, according to a property brochure.
"It’s a neat building, in a great location with good bones and an opportunity," Carpenter said.
nsherman@baltsun.com
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