Vision Properties has closed on the purchase of a Class-A office property in Baltimore, Maryland for $187 million. The 653,000 sqf building is located at 100 East Pratt Street, in Baltimoreās Inner Harbor district. The building is headquarters for T. Rowe Price and also houses Maryland law firm Tydings & Rosenberg and global professional services firm PricewaterhouseCoopers. At the time of the sale the asset was 98.5 percent leased. The seller, Columbia Property Trust, will use the proceeds to repay a $119 million short-term bridge loan and borrowings on its unsecured credit facility.
āThrough this sale, we achieved pricing well within our target range for the property, which reflects its overall quality and solid performance during our years of ownership. More importantly, we have now successfully sold 48 non-core properties totaling $2.3 billion in proceeds since 2011, while simultaneously investing $2 billion in prime office properties located in New York, San Francisco, Washington and Boston,ā said Nelson Mills, president and chief executive officer of Columbia Property Trust.
