FOR IMMEDIATE RELEASE
September 23, 2004
HARBOR GROUP INTERNATIONAL PURCHASES DOWNTOWN BALTIMORE
OFFICE TOWER
Harbor Group International, LLC (HGI) of Norfolk, Virginia, has acquired
the 168,397 square foot, 16-story 10 East Baltimore Street in downtown
Baltimore, Maryland.
An affiliate of HGI in a joint venture with an institutional investor
purchased the property from ATAPCO, at a purchase price of $16,400,000.
“10 East Baltimore Street has an excellent location and a strong tenant
base,” said Jordan E. Slone, Chairman & CEO of Harbor Group International. “Such
properties are a key component of Harbor Group International’s acquisition
strategy.”
Built in 1973, the property is currently 96.8% occupied. Prominent
tenants include the State of Maryland, Alabanza, Inc., American Trading
and Production Co., and Parsons Engineering.
HGI also owns Wachovia Tower at 7 St. Paul Street in downtown Baltimore,
which it acquired in January of 2003 for $50.2 million. Since acquiring
the property, HGI executed one of the market’s largest lease renewals
when it renewed the law firm of Whiteford, Taylor & Preston through
2016 and expanded the tenant to 89,000 square feet.
"We believe downtown Baltimore is a strong market and we look forward to
continued investment there,” said Slone.
10 East Baltimore is a Class B+ office building, centrally located within
the Baltimore Central Business District in close proximity to the area’s
many attractions and amenities. Enhancing the property’s appeal
is a newly renovated lobby, highly flexible floorplates, and a corner
location with a high window ratio offering views in three directions.
The exterior façade consists of red brick masonry surrounding
reflective glass panels. On floor two of the building, there are
41 parking spaces used by the property’s tenants and in addition
there are six surface spaces behind the building primarily used by the
property’s retail stores. The property is located on multiple
fiber loops along Charles and Baltimore Streets making the building a
hub on the Baltimore fiber loop.
The acquisition of 10 East Baltimore Street continues HGI’s aggressive
acquisition strategy of the past few years. HGI has acquired other prominent
central business district office properties such as State House Square
in Hartford, Connecticut; Wachovia Tower in Baltimore, Maryland; PNC
Center in Cincinnati, Ohio; One Enterprise Center in Jacksonville, Florida;
and National City Center in Indianapolis, Indiana.
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