A California-based company has purchased the Thames Street Wharf office building from Beatty Development Group for $89 million.
KBS Realty Advisors announced their purchase of the building, located at 1300 Thames St., on Tuesday.
“We chose to add Baltimore to our portfolio because the city is in the forefront for the investment community and has the resources to continue its growth as a valuable center for investment,” KBS Eastern Region President Marc DeLuca said in a news release.
“Thames Street Wharf is a legacy asset and one of the highest quality office buildings in Baltimore. Along with its location in a strong submarket with tremendous upside, its status as a LEED Gold building further separates it from others and enhances its appeal to tenants seeking efficiency and conservation advantages.”
The building is part of the 27-acre mixed-use development in Harbor Point and was completed in 2010. The eight-story glass and brick modern structure was put on the market in December 2013, and is valued at $56 million, according to state tax assessment records.
At the time the building went on the market, Marco Greenberg, Beatty Development Group’s vice president of development, released a statement explaining the company was selling to “recapitalize both the debt and the equity” in the building.
Beatty Development Group will serve as the manager of the 260,651-square-foot property. The building has an occupancy rate of 86 percent and its tenants include Morgan Stanley and Johns Hopkins Medicine International, according to a news release.
KBS Realty Advisors owns one other property in Maryland, the 321,007-square-foot One Washington Center in Gaithersburg.
Construction on a 20-story high-rise office building near the Thames Street Wharf office building, to house the regional headquarters of Exelon Corp., is set to begin in mid-May.