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REAL ESTATE INSIDER

COOL SPACE

Properties to watch in Maryland

This tower is in one of the hottest commercial spaces in Baltimore

2 Pratt Plaza, Tower II is in the heart of one of the hottest commercial real estate spaces in Baltimore. (The Daily Record / Adam Bednar)

2 Pratt Plaza, Tower II is in the heart of one of the hottest commercial real estate spaces in Baltimore. (The Daily Record / Adam Bednar)

 

Address: 2 Pratt Plaza, Tower II

Property type: Office

Size: 159,616 rentable square feet

Contact: Jay Wellschlager, managing director at JLL, 443-452-1516; jay.wellschlager@am.jll.com

An office property in the red-hot Pratt Street corridor in downtown Baltimore that’s more than 75 percent leased is on the market.

Tower II at 2 Pratt Plaza is for sale, according to marketing material circulated by JLL, which is handling the sale of the property.

“Anchored by GSA credit tenancy … and with a weighted average lease term of over 4.5 years, the property is poised to capture significant value appreciation through lease up with minimal near-term downside,” according to an email announcing the building sale.

Jay Wellschlager, managing director at JLL, declined to comment on this story.

The eight-story tower is an “air rights” property. It sits on top of a shared lobby with Tower I. The lobby and first tower are owned separately from Tower II.

Major renovations for the shared lobby are planned.

“The planned renovations will make a dramatic change in the overall aesthetic and appeal of the entire property. With a planned 50-foot high atrium lobby, which is being reoriented to the south of the first floor, the new entrance will capture the energy and vibrancy of Pratt Street that has been missing from the building with its current entrance,” according to JLL’s marketing material.

Demand for office space in the Pratt Street Corridor starting in the area of Oriole Park at Camden Yards and running to President Street is among the highest in the market. The 10-year average occupancy rate for the corridor, according to JLL, is 88 percent and has produced annual rental rate growth of 6.9 percent.

To suggest a property to be featured in Cool Space, Contact Adam Bednar at adam.bednar@thedailyrecord.com.


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