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Here are the largest Baltimore metro properties on the market

Buildings clockwise from upper left corner- 180 Admiral Cochrane Drive; 2118 Greenspring Drive; 7462-7468 Candlewood Road; 72 Loveton Circle; 250 West Pratt Street; 1000 Bestgate Road; 2 & 10 Hopkins Plaza; 910 Ridgebrook Road; 8911 Kelso Drive; 100 Light Street. Illustration by Maximilian Franz.

Buildings clockwise from upper left corner- 180 Admiral Cochrane Drive; 2118 Greenspring Drive; 7462-7468 Candlewood Road; 72 Loveton Circle; 250 West Pratt Street; 1000 Bestgate Road; 2 & 10 Hopkins Plaza; 910 Ridgebrook Road; 8911 Kelso Drive; 100 Light Street. (Illustration by Maximilian Franz / The Daily Record)

There’s been strong interest in some of the largest — and in some cases most expensive — commercial properties in the Baltimore metro market.

Large investment properties in submarkets ranging for downtown Baltimore to Annapolis are drawing strong interest so far this spring.

Cristopher Abramson, executive director of Cushman & Wakefield capital markets team, said the 128,703-square-foot West Wood Business Park Building B in Annapolis is currently under contract, and that a potential owner is doing its due diligence on the investment.

That news comes just days after it was announced that one of Baltimore’s most visible commercial properties, 250 W. Pratt St., was sold to Columbia-based Corporate Office Properties Trust purchased 250 W. Pratt for $63.5 million. Cushman & Wakefield also represented the seller in that transaction.

According to a market report released by Cushman & Wakefield on Tuesday, office properties in Baltimore metro market could become much more attractive investments because rental rates reached the bottom of the rent cycle last year.

It’s also a good time for properties that are listed as Class B space to upgrade and take advantage of the “flight to quality” tendency in the market. The report noted that 134 tenants will have the opportunity to upgrade to Class A space during the next five years.

But there are still plenty of large, distinct properties currently on the market. The most recognizable of those properties is the Transamerica Tower, located at 100 Light St., which went on the market in January.

The asset includes a 550-space parking garage across the street. The building underwent a $44 million renovation in 2007. Tenants include Transamerica Life Insurance Co., Miles and Stockbridge and Ober|Kaler.

“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,” Nicole Keelty, a senior vice president at DTZ in Baltimore, said at the time the building went up for sale.

Another high-profile property, 2 and 10 Hopkins Plaza, is also back out on the market. The asset was under contract until a potential buyer backed out of the deal earlier this month. It was the second potential agreement for that property to fall through since September. Broker Transwestern remains confident in the interest in the property, which has been marketed as an attractive conversion project from Class B office space to some mix of apartment, hotel and office space.

CoStar Group’s listing of largest commercial properties for sale in the Baltimore metro market:

  • 100 Light St., Baltimore, Transamerica Tower, office, 686,947 square feet, 1972, DTZ
  • 2 and 10 Hopkins Plaza, Baltimore, office, 404,088 square feet, 1970/1965, Transwestern
  • 7462-7468 Candlewood, Hanover, Candlewood Commerce Center, industrial 357,706 square feet, 2010, DTZ
  • 8911 Kelso, Essex, Worthington Steel Building, industrial, 215,000 square feet, 1975, DTZ
  • 180 Admiral Cochrane Drive, Annapolis, West Woods Business Park Building B, office, 128,703 square feet, 1988 Cushman & Wakefield
  • 910 Ridgebrook Road, Sparks, Highlands Corporate Park Building 100, office, 56,323 square feet, 1999, CBRE
  • 72 Loveton Circle, Sparks, JMT Corporate Offices Building, office, 55,000 square feet, 1990, Colliers
  • 2118 Greenspring Drive, Timonium, U.S. Filter, office, 42,351 square feet, 1996, CBRE
  • 1000 Bestgate Road, Annapolis, Bank Annapolis Building, office, 22,804 square feet, 2001, Colliers
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