Baltimore tower changes hands for $121m
Corporate Office Properties Trust has acquired the Transamerica Tower in Baltimore from Lexington Realty Trust for $121 million. DTZ brokered the deal.
The 549,000-square-foot property consists of a 35-story building and an 11-story building on 1.95 acres.
The office property was renovated in 2014 and has 11,000 square feet of street-level retail. It is currently 92 percent occupied and is home to Miles & Stockbridge, Transamerica and Ober Kaler.
Lexington Realty purchased the property in 2006 for $185.9 million from Newkirk Realty Trust and did a $46 million renovation, adding on a parking garage and retail building.
Corporate Office Properties Trust purchases properties almost exclusively in Maryland, Virginia and Washington, D.C. The Columbia, Md.–based REIT’s recent acquisitions include 250 West Pratt St. in Baltimore for $63.1 million in March and Metro Place 2 in Vienna, Va., for $82.9 million in April.