{"id":1004115994,"date":"2015-03-23T06:27:43","date_gmt":"2015-03-23T14:27:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004115994"},"modified":"2022-12-08T18:18:52","modified_gmt":"2022-12-09T02:18:52","slug":"copt-picks-up-premium-property-in-baltimore","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/copt-picks-up-premium-property-in-baltimore\/","title":{"rendered":"COPT Picks Up Premium Property in Baltimore"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/BALTIMORE.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004115996\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/copt-picks-up-premium-property-in-baltimore\/baltimore\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/BALTIMORE.jpg\" data-orig-size=\"200,299\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"BALTIMORE\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/BALTIMORE.jpg?w=200\" class=\"alignright size-full wp-image-1004115996\" alt=\"BALTIMORE\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/BALTIMORE.jpg\" width=\"200\" height=\"299\" \/><\/a><\/i><\/p>\n<p>Corporate Office Properties Trust has acquired 250 West Pratt St., a 368,200-square-foot Class A office building in Maryland\u2019s Pratt Street Corridor near Baltimore\u2019s Inner Harbor, for $63.5 million from Tier REIT.<\/p>\n<p>The 24-story office building was 95 percent leased at the time of the sale.<\/p>\n<p>\u201cThis acquisition enhances the quality of our regional office portfolio by increasing our ownership of urban, in-fill buildings in amenity- and transportation-rich submarkets,\u201d Roger Waesche, COPT\u2019s president &amp; CEO, said in a company release.<\/p>\n<p>According to DTZ\u2019s Baltimore Office Market 2014 Fourth Quarter Snapshot, the Baltimore office market ended 2014 with a 15.65 percent vacancy rate, the result of 156,843 square feet of positive absorption throughout the market in the fourth quarter.<\/p>\n<p>Baltimore experienced almost 1.1 million square feet of positive absorption in 2014 with the average full service asking rent in the market currently hovering around $22.41 per square foot. Additionally, the downtown Baltimore office submarket experienced 92,014 square feet of positive absorption in 2014 and finished the year with an 18.08 percent vacancy rate.<\/p>\n<p>As of the end of 2014, COPT\u2019s consolidated office portfolio consisted of 173 office properties totaling 16.8\u00a0million rentable square feet.<\/p>\n<p>Last week, COPT stock hit a new 52-week peak during trading, hitting as high as $30.84, with a volume of 1,670,907 shares trading hands.<\/p>\n<p>Originally constructed in 1986, 250 West Pratt St. was designed by\u00a0Skidmore, Owings and Merrill\u00a0L.L.P. and originally developed by and for\u00a0Cabot, Cabot &amp; Forbes. Its tenants include the University of Maryland Medical System, the U.S. Probation and Parole office and the University of Maryland faculty.<\/p>\n<p>In April, it will become home to Pandora Jewelry L.L.C., which is\u00a0moving its headquarters from Columbia to five floors and 87,862 square feet in the building.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Corporate Office Properties Trust is taking advantage of Baltimore&#8217;s positive absorption with the purchase of a Class A office building.<\/p>\n","protected":false},"author":451,"featured_media":1004115996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21747],"tags":[],"class_list":["post-1004115994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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