Amstar Group Completes Sale of Baltimore's 1 East Pratt Street Office Tower to Boston-Based Griffith Properties.Denver-Based Real Estate Private Equity Firm Exits Prime Inner-Harbor Asset BALTIMORE -- Amstar Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a real estate private equity firm based in Denver, Colorado, completed the disposition of 1 East Pratt, a 320,000-square-foot office building located in the Baltimore Inner Harbor The Inner Harbor is a historic seaport, tourist attraction, and iconic landmark of the City of Baltimore, Maryland. The harbor itself is actually the end of the Northwest Branch of the Patapsco River and includes any water west of a line drawn between the National Aquarium in , to Boston-based Griffith Properties, announced Gabe L. Finke, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Amstar Group. Griffith Properties acquired the landmark, 10-story office building following Amstar's acquisition of the same asset in August 2005. 1 East Pratt was Amstar's second Baltimore CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development investment, previously owning and repositioning 300 East Lombard Street Lombard Street, in London, England. It is a street of banks and financial houses that takes its name from the Lombard merchants and moneylenders who settled there in the 13th cent. , which was sold in 2004. The prime 1 East Pratt Street location is directly connected to the convention center, Financial District, and a host of waterfront amenities in Baltimore's Inner Harbor area. The 1 East Pratt St. building and retail plaza area occupies an entire block, encompassing more than 1.7 acres. The site is bounded by East Pratt, Charles Pratt, Charles (1830–91) oil merchant, philanthropist; born in Watertown, Mass. One of 11 children, he grew up in adverse circumstances. He went to work at age 10 and moved to New York City in 1851. , Light, and Camden streets. The building was completed in 1977 and includes 265,000 square feet of office space and 52,000 square feet of retail space, and an above-ground, 187-space parking structure. "Amstar was successful in securing an off-market acquisition in 2005 at a very attractive basis. We are sorry to see it go in that we were looking forward to the repositioning of the asset. Griffith Properties made a great buy of a superbly located property and we wish them the best of luck in their efforts," said Rob Toomey, Vice President with Amstar. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Toomey, Amstar continues to actively seek other investments in the Baltimore market. The transaction was negotiated directly between Amstar Group, Verizon Wireless, and Griffith Properties. About Amstar Group LLC Established in 1987, Amstar is a leading real estate private equity firm headquartered in Denver. The company invests nationally in value-add acquisition and development opportunities, often with local partners. In its history Amstar has acquired, developed, and sold more than $2.2 billion of real estate. Amstar's current portfolio includes office, industrial, multifamily, retail, and hospitality holdings in major markets across the United States. For more information about Amstar Group visit the company's website at www.amstargroup.com. |
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