Baltimore, MD — Atapco Properties (Atapco) announced the acquisition of 401, 501 & 601 North Calvert St., in Baltimore, MD. The three-building office and garage complex encompasses over 435,000 gross s/f of building area and a six-story parking structure on 5.50 acres.
“This is a tremendous, iconic Baltimore asset that is attractive to us given the scale afforded by the existing office building and parking garage as well as significant additional development capacity,” said Brian Conklin, director of acquisitions for Atapco Properties.
The headquarters location of The Baltimore Sun newspaper since 1950, the property covers two city blocks within the vibrant Mount Vernon neighborhood surrounded by major Baltimore institutions including Mercy Medical Center, The Peabody Institute of the Johns Hopkins University, Center Stage theater, and an expanding residential base. The asset offers large efficient floor plans for office tenants and is well located for alternative uses, given its visibility from the JFX, including retail, hospitality and residential.
The Baltimore Sun is a tenant in the building and has a lease in place through June 2018 with an option to renew. Atapco will manage the asset from its headquarters office in Baltimore.
Atapco extends its appreciation to CBRE for their representation of the seller, Tribune Media Company and to Ballard Spahr for their legal representation of the purchaser.