Iconic Baltimore Bank of America Building Brings Value-Add Opportunity for Inner Harbor
Baltimore, Maryland – November 24, 2015– CBRE, Inc. announced it represented Cornerstone Real Estate Advisers LLC, acting on behalf of an institutional investor, in the sale of the Bank of America Tower located at 100 S. Charles Street, Tower I, in downtown Baltimore to an affiliate of Carlyle Development Group based in Purchase, NY. The 497,219 square foot building is located at the preeminent corner of Pratt Street and Charles Street and features retail amenities and a 550-car garage. “We truly believe that we can transform this building into a Class A trophy property worthy of its location, through a major renovation,” said Abdi Mahamedi, President of Carlyle Development Group.
The development budget, in excess of $20,000,000, intends to revitalize the asset through a redevelopment program focused on fully renovating and modernizing the building’s lobby and exterior entrances, reorienting the building’s main entrance to a Pratt Street address and developing the building’s Pratt Street retail frontage extension with attractive restaurants and national retailers.
The proposed redevelopment and new identity will position the building at the forefront of its Class A competition along the Pratt Street Corridor, a location that is currently enjoying a historically high 93% occupancy.
"There has been $550 million of office towers that have traded in Baltimore in the last 18 months and the sale of the Bank of America Tower is reflective of the ongoing interest of outside investors to take stock in urban markets that appeal to the millennial workforce. We are pleased to be able to attract fresh capital that believes in Baltimore’s future,” said Bo Cashman, Senior Vice President.
About Cornerstone Real Estate Advisers LLC Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.