JLL Capital Markets announced today that it has closed the sale of 100 South Charles-Tower II and 201 North Charles, two office properties totaling $29.228 million in Downtown Baltimore, Maryland.
JLL represented both sellers in separate transactions. An investor led by Dallas-based Hubris Capital purchased both assets, closing the two transactions within a day of each other.
100 South Charles-Tower II, also known as Tower 2 at Pratt and Charles, comprises 160,754 square feet within an eight-story office tower (floors 4-11) built on top of a three-story podium containing the retail and common lobby of the entire 100 South Charles development. Tower 2 is 74.6% leased to a diverse tenant roster, including credit tenants Liberty Mutual Insurance Co., Jacobs Engineering Group, Behavioral Health Systems and four GSA Departments. Situated in the core of Baltimore’s Pratt Street Corridor, the property recently underwent nearly $2 million of capital upgrades independent of Tower I’s multi-million transformation to the complex’s common areas. It also is within steps of Baltimore’s Inner Harbor and a wealth of retail and entertainment amenities.
201 North Charles is situated a few blocks north of 100 South Charles at the corner of East Lexington Street and North Charles Street within two blocks of the Metro and the courthouse and within a few blocks of more than 2,200 hotel rooms and over two million square feet of recent office to multi-housing conversions. The 28-story, 251,943-square-foot property is Baltimore’s only LEED Gold EB Certified CBD office tower and, due to the building quality and efficient floorplate, has measurably outperformed the remainder of its peer set over the past two decades. As one of the tallest office properties in downtown Baltimore, the 77.2%-leased tower features unobstructed views of the Baltimore skyline and the Inner Harbor and offers amenities, including 52 underground parking spaces, a café, fitness center with showers and a locker room and 24-hour building security.
JLL’s Capital Markets team representing the seller was led by Managing Director Jay Wellschlager, Vice President Andrew Finkelstein and Senior Analyst Elizabeth Runge.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Hubris Capital
Hubris Capital is an entrepreneurial investment firm that specializes in providing qualified investors access to situational investment opportunities in middle market commercial real estate. For more information, please visit: hubris.capital.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
