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Oct. 29, 2012

Inner Baltimore’s Harborplace Sold to Ashkenazy Acquisition Corporation

By Adrian Maties, Associate Editor

Mayor Stephanie Rawlings-Blake announced on October 23 that the Baltimore waterfront’s iconic Harborplace has been sold to the Ashkenazy Acquisition Corporation. The New York real estate investment firm acquired the Inner Harbor complex from General Growth Properties. The sale price was not disclosed and representatives from both companies declined to comment.

Harborplace’s grand opening was held on July 2, 1980. It was designed by Benjamin C. Thompson and was built by the developer James W. Rouse and The Rouse Company. General Growth purchased the complex in 2004. It is composed of two two-story pavilions, the Pratt Street Pavilion and the Light Street Pavilion. The Gallery at Harborplace, a four-story glass-enclosed building located across Pratt Street from Harborplace, was not included in the sale. It is also owned by General Growth.

The land occupied by Harborplace is owned by the city which leases it to the owner of the mall. According to city records, Harborplace is 93 percent leased this year. Its tenant roster includes the Cheesecake Factory, Ripley’s Believe It or Not, Bubba Gump Shrimp, Johnny Rockets Group Inc., H&M Hennes & Mauritz AB, Pizzeria Uno and the McCormick & Co. Inc. retail store.

Ashkenazy Acquisition Corporation focuses on retail and office assets. It has acquired over 13 million square feet of retail, office and residential properties throughout the United States and Canada. Earlier this year, the company also purchased the Village of Cross Keys, an upscale shopping center in North Baltimore.

“When you look at Ashkenazy properties, such as Faneuil Hall Marketplace in Boston, Union Station in Washington, DC, and Rivercenter in San Antonio, you see a company that could be a great fit for Harborplace. This is a company with a track record of investing in and managing premier destinations, each with its own local character, in cities across America,” said Baltimore Mayor Stephanie Rawlings-Blake. She also added that she is ”absolutely committed to working closely with Ashkenazy to continue making progress and to secure Harborplace’s legacy as a source of great pride for the people of Baltimore for years to come.”

Photo credits: www.harborplace.com