April 4, 2016
Columbia Property Trust has sold the 653,000-square-foot 100 East Pratt Street office building in Baltimore for $187 million. The buyer of the Class A property was Vision Properties, an East Coast real estate firm.
The property was 98.5% leased at the end of 2015. The tenant roster includes Maryland law firm Tydings & Rosenberg and PricewaterhouseCoopers. The asset is also the headquarters of T. Rowe Price.
Proceeds from the sale of the asset, which was the REIT’s sole Baltimore holding, will be used to repay a $119 million short-term bridge loan, as well as borrowings on an unsecured credit facility. According to President and CEO Nelson Mills, Columbia Property Trust’s focus is on acquisition, leasing and operation of office properties in high-barrier markets.