Two Historic Baltimore Buildings Change Hands With $5M Renovation to Come
A Baltimore-based group comprised of Kemp Byrnes, Brad Byrnes and Dave Gupta have acquired both the Vickers Building at 225 East Redwood Street and the Garrett Building at 233 East Redwood Street in downtown Baltimore City, and have plans for a $5 million redevelopment of the two properties.
The seller was two entities controlled by law firm Gordon Feinblatt. The price was not disclosed.
The historic buildings were built in 1905 and 1913, respectively.
“We love Baltimore’s history, specifically buildings like these that would never be rebuilt today, due to the craftsmanship, marble, Tiffany glass, and other details that are no longer done,” Brad Byrnes, principal at brokerage and development firm Byrnes & Associates, told Commercial Observer. “We have successfully redeveloped historic buildings in Baltimore City and jumped at this opportunity.”
The four-story Vickers Building will be renamed Vickers Exchange, and the 13-story Garrett Building will be renamed the Redwood Exchange; the complex, in total, will include 90,000 square feet and offer office, event and retail space after the changes and upgrades, which will take place in early 2021.
“We believe urban areas across the country will regain energy and attractiveness as the workplace, and life in general, begin to return to normalcy,” Byrnes said. “Employees and the general public crave vibrant and pedestrian-friendly environments, and these two assets are uniquely positioned in the center of the downtown with direct access to the central business district, transportation hubs and amenities.”
The buying group hopes to join with other adjacent property and business owners, tenants, officials with the Downtown Partnership of Baltimore, and the City Center Residents Association to further revitalize downtown.
“We can achieve this by attracting a more vibrant office, retail and event space that will be active seven days of each week,” Byrnes said. “With a neighborhood of approximately 9,000 residents in City Center, we believe the days of turning off the lights and leaving downtown at 5 p.m. are long gone.”
According to the plan, the ground floors of both buildings will be leased to restaurant and retail tenants.