201 North Charles Street

Prime Features and Strategic Advantages

1. Iconic Presence: The 28-story, 268,645 rentable square-foot building stands as one of the tallest office towers in downtown Baltimore, offering sweeping views of the Baltimore skyline and the renowned Inner Harbor.
2. Efficient Design: With flexible 10,056 square-foot floor plates and ample glass lines, the building is optimized for multi-tenancy, providing a significant competitive edge that caters to the most active tenant size in this location.
3. Strong Market Position: High historic occupancy levels, a varied tenant mix, recent capital upgrades, and a strategic location position solidify 201 North Charles as a leading office destination.
4. Lender-Owned Asset: This unique offering provides a rare chance to acquire a top-tier office building in Baltimore’s CBD, ensuring an attractive investment profile with substantial upside potential.

Significant Upside Potential

1. Occupancy Growth: With a trailing 20-year average occupancy of 87.0%, the current 53.5% occupancy presents a substantial opportunity to increase revenue by matching or exceeding historical levels.
2. Revenue Expansion: A recent BOMA study indicates potential for the current rent roll to grow by over 8,177 square feet (3.0%), translating to a top-line revenue boost of over ~$150,000.
3. Tax Credits: The property may be eligible to benefit from some or all of the following tax incentives: Opportunity Zone Credits, Enterprise Zone Credits, Baltimore City Historic Restoration and Rehabilitation (CHAP) Property Tax Credits.

Superior Capital Investments

1. Extensive Upgrades: Designed by renowned architect Vlastimil Koubek and constructed in 1968, the property has underwent extensive capital improvements, including its conversion to LEED Gold certification (recertification underway) and high speed elevators.
2. Preferred Destination: These enhancements have solidified the building’s status as the go-to location for small to medium-sized law firms and professional service firms in the CBD, with peer properties requiring significant investments to match its condition and amenities.

Premier Location

1. Strategic Accessibility: Positioned on Charles Street, the property offers unparalleled access to major transportation routes, including Interstates 83 and 95. It’s just a few blocks from both light rail and metro and bus stops, ensuring efficient connectivity.
2. Dynamic Downtown: The building’s location provides direct access to the vibrant Inner Harbor and surrounding business, residential, and labor markets.

Transforming Neighborhood

1. Evolving Landscape: The area around 201 North Charles is undergoing significant transformation, with over 2.7 million square feet of functionally obsolete existing office inventory having been removed from the market due to office-to-residential and hospitality conversions over the past 10 years. This revitalization includes over 3,466 completed residential units, 942 under construction, and 1,413 planned units.
2. Enhanced Demand: The influx of residential developments within five blocks of the property is fostering a 24/7 environment and attracting retail and businesses in kind. 

Comparative Market Analysis

1. CBD and Peer Class B Set Comparison: From the period of 2002 through the beginning of the pandemic, the building measurably and consistently outperformed the Central Business District and its peer set in terms of direct vacancy rates, showcasing its superior market position and appeal to tenants.