120 E Baltimore St, Baltimore, MD, 21202-1674, US

120 East Baltimore

Asset description

JLL is pleased to present the exceptional opportunity to acquire 120 East Baltimore Street, a 25-story Class A office tower located in downtown Baltimore, home to 6,000 Maryland state employees from 20 different agencies across over 2.6 million square feet of office space. Positioned just half a mile from the renowned National Aquarium, this striking property boasts one of Baltimore’s most prestigious addresses. Currently 76% occupied, with a diverse tenant mix of 14 occupants and a WALT of 6.4 years, 120 East Baltimore Street offers investors the chance to capitalize on the State of Maryland tenancy and the ability to capture $20 million in contractual cash flow over the next 8 years at a basis significantly under replacement cost. Baltimore’s post-COVID resurgence as the headquarters location for the State of Maryland agencies has assured the viability of 120 East Baltimore as a premier asset in a timeless, high-demand location that is also designated as an Opportunity Zone.

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Attributes

Building area net

325,340 sf

Occupancy

76%

Year built

1989

Land area gross

0.5 acres

WAULT

6.4 years

Year renovated

2021

Media

Investment highlights

Market Outperformance: At over 76% occupancy, with State of Maryland government credit tenants anchoring the roster, additional leasing opportunities will drive accretive cash flow.

Substantial Cash Flow with Minimal Risk: Without assuming speculative leasing or renewals, the property is projected to generate approximately $20 million in positive cash flow over the next eight years.

Recent Leasing Momentum: Leasing activity within the past 36 months includes over 744,000 square feet of new State of Maryland relocations/commitments into Baltimore’s CBD, with significant new commitments at 120 East Baltimore Street and immediately surrounding properties. Recent activity supports the continued lease-up narrative, with large contiguous blocks on the 22nd and 17th floors, the building could be just one or two leases away from achieving 87% occupancy.

Significant Capital Investments: Approximately $4 million of base building capital has been invested since 2018 including a full elevator modernization, lobby enhancement, and common area renovations, ensuring the property remains competitive in the market.

Prime Location in Government Hub: Strategically located within Baltimore’s government enclave, neighboring over 3.7 million square feet of office space occupied by State of Maryland and City of Baltimore agencies. The property is within immediate proximity of City Hall, State and City courthouses, and other major government institutions.