CBRE team negotiates $78M Maryland sale.

BALTIMORE, MD: Jeffrey Dunne, Steven Bardsley and Todd Newman of CBRE's New York Tri-State Region Institutional Group collaborated with Bo Cashman of CBRE's Baltimore office to successfully negotiate the sale of the 572,756 s/f Baltimore CBD Portfolio in Baltimore, Maryland.

The Portfolio was sold by HG Hopkins Holdings, LLC, Hopkins Plaza Financial Associates, LLC, HPFA Managing Co. LLC, and East Baltimore Financial Associates, LLC, affiliates of Harbor Group International, to USA Realty Fund, a Separate Account managed by The Union Labor Life Insurance Company, for $78.9 million. The team was the exclusive investment advisor for Harbor Group International and also procured the buyer.

The Baltimore CBD Portfolio is comprised of the Mercantile Bank & Trust Building and Ten East Baltimore Street, two office towers located within the central business district of the City of Baltimore, Maryland. These well-situated CBD assets, located within walking distance of both the famed Baltimore Inner Harbor and Oriole Park at Camden Yards, were over 99% leased at the time of sale to a mix of institutional-quality regional tenants from varied businesses providing a stable, long term in-place income.

The Mercantile Bank & Trust Building's highly visible corner location on Baltimore Street includes a 22-story (21 office and mechanical penthouse) tower containing 378,797 s/f and the Pavilion, a three-story 25,291 s/f structure, both built in 1970 as the headquarters for Mercantile-Safe Deposit and Trust Company. The 1.366 acre site is an anchor point for a full city block that contains an attractive outdoor courtyard with a water feature, a beautifully landscaped pedestrian walkway, and is directly adjacent to hotels, restaurants, entertainment facilities and mass transit. The building provides a distinct office environment to satisfy institutional grade tenants such as Mercantile-Safe Deposit and Trust Company (216,828 s/f) and Venable LLP (140,649 s/f), a 100-year-old Washington based law firm.

"The Baltimore CBD Portfolio provides Ullico with a unique opportunity to acquire a critical mass of Baltimore CBD assets with a very secure tenant roster with limited near-term rollover," commented Jeffrey Dunne of CB Richard Ellis.