Miami Firm Buys 1 East Pratt St. For $80M
Two South Florida buyers have plucked up Inner Harbor office buildings in as many months.
Miami-based Banyan Street Capital has purchased One East Pratt St. for $80M, the Baltimore Sun reports. The transaction comes less than a month after Boca Raton-based Morning Calm Management purchased 500 East Pratt St. for $60M.
New York-based Vanbarton Group bought One East Pratt four years ago for over $58M, according to the Sun, and has now flipped it after renovating the interior, including the installation of a "living wall" of plants. The 380K SF building counts PNC Bank as its main office tenant, and a retail branch of the bank shares the ground floor with a Kona Grill and a Sullivan's Steakhouse.
Accounting giant KPMG recently announced it will move its headquarters out of One East Pratt after signing a lease farther east, at 750 East Pratt St. It will leave nearly 37K SF vacant. The $80M price tag amounts to $210/SF, similar to the $214M/SF paid for 500 East Pratt.