Johns Hopkins University Renews Long-Term Lease in Baltimore
Johns Hopkins University has signed a long-term, 118,000-square-foot lease renewal at 700 East Pratt Street, a 12-story landmark office building in Baltimore, with landlord, American Real Estate Partners.
The property, which dates back to 1910, overlooks downtown Baltimore’s iconic Inner Harbor, is recognized in the National Register of Historic Places.
“JHU is a very important client, and we’re very excited that they decided to renew,” Paul Schulman, AREP’s principal and COO, told Commercial Observer. “AREP has made significant investments to the building to enhance the workplace experience.”
AREP originally acquired the 589,830-square-foot building, formerly known as the Candler Building, in 2017, and embarked on a $15 million renovation which was completed in 2019.
The newly transformed Class A property recently received the WELL Health Safety Rating from the International Well Building Institute and the UL Verified Healthy Building Mark for indoor air quality. That’s important in a post-COVID world for tenants who are looking for safer workplaces.
The building boasts historically-inspired interiors with polished concrete, reclaimed wood, exposed brick, period lighting and preserved historic elements. Amenities include collaborative meeting and conferencing areas, a state-of-the-art fitness center, bike room and lobby lounge.
“We are thrilled to see that our customers are finding the value in returning to AREP’s wellness-positioned workplaces—places where people want to be to collaborate and innovate,” Schulman said. “With the vaccine roll out and mask policy eased, we’re seeing a greater percentage of people return to work, and restaurants, entertainment and retail venues reopening which will be further supported by tourism this summer.”
The tenant roster also includes RK&K, Venable, The National Aquarium and Verizon, Centurylink.
Cushman & Wakefield (CWK)’s Bronwyn LeGette and David Downey represented AREP in this deal, while the firm’s Bruce Matthai represented JHU.