Local Company Expands in Baltimore’s CBD
- Aug 12, 2015
A Baltimore office and retail building was sold this month to a local firm. The property located at 300 West Pratt St. traded for $7.36 million or about $121.24 per square foot.
Valstone Partners purchased the 61,655-square-foot building from Guggenheim Real Estate, LLC. DTZ’s Baltimore Capital Markets team consisting of Jonathan Carpenter, Nicole Keelty and Graham Savage arranged the sale and represented Guggenheim Real Estate in the transaction. 300 West Pratt was 55 percent leased at the time of the sale.
The office and retail building was constructed in 1989, on a 0.56-acre site in Baltimore’s Central Business District. According to PropertyShark, the property last changed hands in 2011, for $5.9 million. The same real estate website also says that 300 West Pratt’s current market value is $4.6 million.
“300 West Pratt Street represents an extraordinarily rare opportunity on Pratt Street as it is one of the few historic rehabilitations on the primary business boulevard of downtown Baltimore,” Graham Savage explained in a prepared statement. “Combined with its proximity to Oriole Park at Camden Yards, the property is an essential Baltimore asset, and one that will compete for new tenants immediately.”
Image via Google Street Vew