Columbia-based Corporate Office Properties Trust announced Friday it purchased the 250 W. Pratt St. building overlooking Oriole Park at Camden Yards.
The company purchased the 24-story Class A office building, which is currently 95 percent leased and home of Pandora Jewelry, for $63.5 million.
“This acquisition enhances the quality of our regional office portfolio by increasing our ownership of urban, in-fill buildings in amenity- and transportation-rich submarkets,” Roger A. Waesche Jr., COPT’s president and CEO, said in a news release announcing the deal.
The 368,000-square-foot building last sold in 2004 for $51.8 million, according to state property tax records. The structure, with its tiered steps down is one of the most recognizable buildings on Baltimore’s skyline.
Last July Pandora Jewelry announced it signed a lease for 87,265 square feet of space over five floors of the building to relocate its regional headquarters from Howard County. The building will also be branded with back-lit Pandora logos that will be illuminated with orange or purple lights to show support for the Orioles and Ravens, the city’s professional sports teams.
The building, which was built in 1985 and designed by Skidmore, Owings & Merrill, also has tenants such as Wells Fargo, University of Maryland Medical System and the General Services Administration.
Dallas-based TIER REIT only put the building on the market in September. Christopher Abramson, senior director of capital markets for Cushman & Wakefield, represented the seller and previously touted some of the advantages of the building such as its accessibility to mass transit and its location in the heart of the city’s cultural center.
The building also features amenities such as fitness center and employee cafe. But the biggest selling point, especially for tenants, may be the views overlooking Baltimore.
“I think the views are unrivaled,” Abramson said at the time.