The building that was once home to raunchy music venue Hammerjacks, and later Bourbon Street nightclub, could attract a tenant that is more shirt and tie than long hair and leather.
Jon Manekin, a vice president at Colliers International in Baltimore who just picked up the listing recently, said the property has attracted interest from a variety of possible tenants. But the potential use he finds most intriguing is using the building as office space.
“I think what’s exciting to consider is the property being re-positioned as an office asset. Because the trend in the market overall, as a whole, is moving toward this open plan, functional work place that allows for collaboration, but also has focus areas,” Manekin said. “So what we’ve seen is people really grasp onto the idea of an open floor plan.”
The building, located at 316-318 Guilford Ave., is about 23,000 square feet and its rectangular layout provides a great setup for an open floor plan. The building also presents a unique branding opportunity for a company because of its visibility from Interstate 83 with about 50,000 cars a day driving past. Because the building’s owner controls an adjacent garage it also has parking that could make office use more attractive.
“When walking through the building you have dramatic high ceilings with exposed brick, an interesting mezzanine level that opens the space up on both floors and a 5,000-square-foot rooftop deck that is an incredible amenity and can be re-positioned for a number of different uses,” Manekin said.
Converting the property into office space could make sense because that market has preformed relatively well in Baltimore. The market’s strength can be attributed in large part to the area attracting tech and cyber security firms, which often prefer less conventional office space. A Delta Associates report on the Baltimore market’s third quarter found it performing steadily, with 224,000 square feet of net absorption year-to-date and vacancy rate ticking down to 10.9 percent from 11.2 percent at the end of the year.
Serving as office space could also provide some stability for a property that has been without a tenant since Bourbon Street closed in 2011 following an incident where four men were stabbed inside. Prior to Bourbon Street, music venue Hammerjacks operated in the space after its original venue was demolished to make way for parking at what is now M&T Bank Stadium.
Although Manekin is intrigued by the idea of using the building for office space, he’s also been approached by possible tenants interested in using the building as an athletic club, retail and even an entertainment venue.
“This is a fantastic opportunity to re-position a known location and meet the demand of Baltimore’s changing demographics and community by offering unique space that can be tailored to the tenant’s use,” Manekin said.