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300 E. Lombard sells for $38.3 million
300 E. Lombard sells for $38.3 million
Listen to this articleThe 19-story office tower at 300 E. Lombard St. sold this week for $38.3 million.
Jonathan Carpenter, managing director and principal in capital markets at DTZ Baltimore, said his team represented Dublin, Ireland-based investor CMC Investments in the sale of the property to Pittsburgh-based PWA Real Estate. He said CMC Investments purchased the building for about $40 million a decade ago.
“It’s a Class A building, it’s not on Pratt [Street], but it’s one block off of Pratt, but it speaks to that location, the quality of that location and the attractiveness to tenants who want to have their businesses there, and appreciate the views, and the presence, and the first class finishes…it’s one of the nicer buildings in the market,” Carpenter said.
The previous owners invested around $2 million in upgrades and features a 165 car garage that provide the new owner another stream of income in addition to the buildings office and retail space.
The deal for the property closed on Monday, after the property went on the market this fall. It is currently about 91 percent leased and is home to tenants such as Ballard Spahr LLP, First National Bank and Ameritox Medication Monitoring Solutions.
