One North Charles | 2023_Property for Sale
One North Charles | 2023_Property for Sale
1 N Charles St, Baltimore, MD, 21201-3740, US

One North Charles | 2023

Asset Description

JLL is pleased to present for sale One North Charles, a 49% leased,25-story,~290,423 square foot office tower in Baltimore’s Central Business District. Situated on one of the most recognizable intersections, the corner of Fayette Street and Charles Street, this iconic landmark building has one of the foremost locations within Baltimore City and is easily accessed by all of the region’s major thoroughfares. One North Charles is located just a few blocks away from Baltimore’s Inner Harbor which fuels a strong demand from office, retail, and residential tenants in the area. The unique property also features many desirable amenities such as a conference center, on-site management & maintenance, concierge service, Potbelly Sandwich Works in the lobby, and 30 on-site parking spaces with an additional 2,500 spaces available within a 2-block radius.


The current owners have worked to relocate leases out of the top half of the building (floors 16-25) and have secured renderings and cost estimates for 14 multifamily units per floor and completed a model unit. Additionally, most new leases throughout the building have landlord rights to relocate tenants. With the lower half 52% leased and 13,579 square feet of leases on the top floors with relocation rights, a partial multifamily conversion would provide income support on the lower half while the upper floors are renovated. Additionally, the building features two entrances, one on N Charles Street and the other on E Fayette Street, conveniently allowing for office and multifamily users to have separate access under a partial conversion. Thereafter the building can be fully converted or remain as a mixed-use property. This offering represents a rare opportunity to acquire a high quality premier downtown office asset significantly below replacement cost with major upside through both conversion and lease up, or a combination of both strategies.

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Attributes

Building area net
290,423 sf
Occupancy
49%
Year built
1963
Land area net
0.36 acres
Investment strategy
Value Add

Media

Investment Highlights

Recent Building Renovations: Since 2014, over $3 million has been spent on capital improvements. The elevators have been fully modernized and upgraded with new mechanicals and card readers in 2015. The HVAC and fire safety systems received upgrades, including replacement of the basement level water pumps and basement fire pump. These upgrades provide considerable savings compared to other conversions. Several floors have been white boxed and retrofitted to add sprinkler systems. The lobby underwent cosmetic renovations including marble floors, stone walls and a glass entryway.


Tax Incentives: The Property may be eligible to benefit from some or all of the following tax incentives: Opportunity Zone Credits, Enterprise Zone Credits, Baltimore City High Performance Market Rate Housing Credits, Historic Restoration and Rehabilitation (CHAP)Property Tax Credits.


Efficient Center-Core Floor Plates: With floor plates of~11,000 square feet and a centrally located core, the Property appeals to smaller office tenants by offering the chance to lease entire floors of space or benefit from direct elevator lobby access and ample window line, even when smaller. It also affords efficient configuration as a multifamily conversion.


Strategic Location: The asset’s position on Charles Street is of significant benefit and places it within close proximity of nearly all major transportation routes. The north/south center line of the city, Charles Street offers access to Downtown’s Inner Harbor and other business, residential, and labor areas to the north. Additionally, both light rail and metro stops are within a few blocks of the property.

One North Charles | 2023 4_Property for Sale
One North Charles | 2023 4_Property for Sale

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One North Charles | 2023 (0 Properties)

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Last updated
11 Apr 2024