The tallest building in Baltimore is on the market.
The 35-story Transamerica Tower, located at 100 Light St., has been on the market now for a few weeks, according to commercial real estate services firm DTZ. The building was known as the Legg Mason Tower until that company moved to Harbor East in 2009. Transamerica Life Insurance Co.’s 10-year lease in the building started in November 2011.
“It’s currently 94 percent leased, and over the years the full renovations have been completed by the ownership, and the market makes it a good time for it to be placed out there. … It’s a very competitive market in the gateway cities, so we have more of those capital sources looking at secondary markets to purchase office and industrial product,” said Nicole Keelty, a senior vice president at DTZ in Baltimore. “It’s a good time to be placing it on the market.”
The building is owned by Lexington Realty Trust, which completed a $44 million renovation of the building in 2007 that included construction of a new 550-car parking garage across the street. Tenants in the building include DTZ, Miles & Stockbridge and Ober|Kaler.
There is no set asking price for the building, but Keelty said it has already received interest from possible investors.
“We’ve gotten a lot of interested parties and we’ve begun tours this week with those interested parties,” she said.