BALTIMORE — Vision Properties has acquired 100 East Pratt, a 662,708-square-foot trophy office tower at 100 E. Pratt St. overlooking Baltimore’s Inner Harbor, for $187 million.
Vision acquired the asset from Columbia Property Trust (NYSE: CXP). The building is the long-time headquarters of T. Rowe Price, a global investment firm that leases roughly 65 percent of the building.
Other tenants of the tower, which was 98.5 percent leased at the time of sale, include PriceWaterHouseCoopers, Merrill Lynch and Tydings & Rosenberg.
The property is located in downtown Baltimore near Harborplace and The Gallery, as well as a multitude of dining and retail options around the Inner Harbor and along Pratt Street.
Stephen Conley, Jim Meisel, Dek Potts, Andrew Weir and Matt Nicholson of HFF represented Columbia Property Trust in the transaction, which also included the property’s 932-space parking garage.
Vision Properties plans to upgrade the lobby of the 28-story building, according to reports by the Baltimore Business Journal.
Columbia Property Trust intends to use the proceeds of the sale to repay a $119 million short-term bridge loan and borrowings on its unsecured credit facility.
Vision Properties is a full-service real estate investment and management firm headquartered in New Jersey. The company focuses predominantly on the East Coast.
Columbia Property Trust owns and operates Class A office buildings in competitive markets, primarily within central business districts. Columbia’s $5 billion portfolio includes 26 office properties comprising 13 million square feet. Columbia’s stock price closed at $21.89 per share on Friday, April 1, down from $25.80 per share one year ago.
— Katie Sloan