The tallest building in Baltimore came to market this month as the 35-story Transamerica Tower at 100 Light St. was put up for sale, according to commercial real estate services firm DTZ. Lexington Realty Trust, a NYC-based REIT, acquired the property on 12/31/2006, and later enhanced the Transamerica Tower with a $44 million renovation by adding a new parking garage across the street, conference center, cafeteria and fitness center and redesigning the plaza and lobby.
"It's currently 94% 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," said Nicole Keelty, a senior vice president at DTZ in Baltimore, which is marketing the property. "It's a good time to be placing it on the market." There is no set asking price for the building, but Keelty said it has already received interest from possible investors.
Transamerica Tower is located in the center of the Central Business District of downtown Baltimore, MD. Major tenants in the facility include Transamerica Life Insurance Company, Ober, Kaler, Grimes & Shriver, and Miles & Stockbridge P.C. The property serves as a general office building.
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