Morning Calm Management acquires Inner Harbor office building in Baltimore, MD
BALTIMORE, MD —Morning Calm Management (Morning Calm), the real estate investment and management owner of Greenbelt’s Capital Office Park and Landover’s Metro Plex I & II, announced the acquisition of 500 East Pratt St., the newest office building along Pratt St., in Baltimore’s Inner Harbor. Developed in 2004 by the Trammell Crow Company, 500 East Pratt is a 280,000 s/f, 13-story class A building that is currently 93 percent occupied by blue chip tenants such as CohnReznick LLP, Saul Ewing LLP, Deloitte, JLL, UBS, and McGuire Woods LLP. “500 East Pratt is a premier asset located in the center of Baltimore’s bustling commercial district,” said Mukang Cho, CEO and managing principal at Morning Calm. “The property’s prestigious address comes with sweeping city and harbor views and unlimited amenities within walking distance. We’re excited to acquire 500 East Pratt and expand our Baltimore-Washington metropolitan area portfolio into the heart of Baltimore.” The building features a two-story, atrium-style lobby, 24,000 RSF floor plates, 30’ x 30’ column spacing, and finished ceiling heights of 9’6” to over 11’0”. The building has the use of parking spaces in a shared, 9-story parking structure located to the northeast of the property, as well as four private balconies and a private terrace – all with panoramic views. Morning Calm purchased the property from TIER REIT, Inc. of Dallas, Texas for $60 million. 500 East Pratt is close to both the Jones Fall Expressway (I-83) and I-395/I-95, each of which is accessible in just a few minutes – providing ease of access to North Baltimore’s residential neighborhoods and to Baltimore-Washington International Airport and Washington, D.C. The Inner Harbor-facing offices and balconies offer dramatic views of the Inner Harbor, the National Aquarium, and Federal Hill, and the entire property is walking distance to Harborplace Pavilion, Pier Six Pavilion, Oriole Park at Camden Yards, M&T Bank Stadium, Baltimore Penn Station, Camden MARC Station, and a Metrorail station. 500 East Pratt is Morning Calm’s third area acquisition in just over a year. In December, Morning Calm acquired Metro Plex I & II in Landover, Maryland. The 300,000 s/f property, which was partially renovated in 2002 and 2003, includes a 3.65-acre pad site approved for 200,000 s/f of future development. In December 2016, the company made its first DC-area acquisition with Capital Office Park, an 810,000 s/f, transit-oriented office campus in Greenbelt, Md., 11 miles northeast of Washington, D.C.