Conversions of Downtown's aged office buildings are still going gangbusters—from the massive Equitable Building to the just-announced Central Bank Building. It's one of many hot topics to delve into tomorrow morning at Bisnow's Rejuvenating the CBD at the Renaissance Baltimore Harborplace.
Yet another Downtown office property has gone resi. Transwestern’s Leo McDermott (above) repped the seller (Baltimore & Annapolis Railroad Co) of the 1891-vintage Central Savings Bank at 115 N Charles, the 1904 Joseph Schloss & Son building at 5 E Lexington, and the 1904 F. W. McAllister building at 5 E Lexington. He tells us that buyer, Poverni Sheikh Group (repped by Permira Realty), which paid $1.2M for the 35k SF, will convert the three buildings into 25 apartments for singles.
The deal turns on a bright light at the end of the tunnel for Baltimoreans seeking a way out of the city’s long-term economic stagnation. More apartments Downtown mean more residents, Leo says, and more residents will draw more companies, setting B'more on a path to becoming a 24/7 city. If McCormick, which is seeking hundreds of thousands of square feet, chooses Downtown (whether a build-to-suit or absorbing existing space as Pandora Jewelry and Kao have done), it’ll bring hundreds of employees Downtown who’ll be looking for apartments. And so the cycle goes.
The Central Bank Building sale also bodes well for retail. Leo tells us the grand lobby of the Central Bank Building is perfect for a restaurant. Poverni Sheikh will begin redevelopment next summer. Join us to hear more at Bisnow's Rejuvenating the CBD event tomorrow morning, 7:30am at the Renaissance Baltimore Harborplace.