Sales  ·  Commercial

Historic Baltimore City Office Tower to Be Converted to Multifamily

Historic Baltimore City Office Tower to Be Converted to Multifamily

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A joint venture between residential developer Trademark Properties and investor Prab Thangarajah has acquired The Fidelity & Deposit Building, a 15-story office tower in Baltimore City, Md.

Originally delivered in 1894 as an eight-story structure, the new ownership group intends to convert the 232,000-square-foot asset into an apartment building with approximately 220 units.

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Artemis Properties sold the historic building for $6 million, a person with knowledge of the deal revealed. The new buyer purchased the property with a bridge loan, and has started the process of securing a construction loan in the range of $35 million to cover hard and soft costs, according to Trademark.

“In our experience, there is always a need for new, luxury apartments that are priced at or near the median rental price point,” Patrick Grace, managing member of Trademark Properties, told Commercial Observer.

He added that office-to-multifamily conversions are becoming more common in the area, as it is in many places around the country. 

“There is a need for moderately priced workforce housing and we hope to meet those needs,” Grace said. “The zoning downtown is very flexible so we will not need to get any variances — we can build apartments as a matter of right.”

Located at 210 North Charles Street, within the Charles Center section of downtown Baltimore City, the new multifamily building will include a mix of studios and one- and two-bedroom units. It will also offer a street-level restaurant along with several other retail spaces and an outdoor seating area that overlooks Center Plaza.

The former owner acquired 210 North Charles Street in 1999 and the building has been vacant for close to 20 years. Parts of its history will remain. 

“We are going to keep and restore all of the amazing historic architecture and material in the building,” Grace said. “We feel that this is critically important in keeping the history of the building intact.”

The development is expected to be delivered in spring of 2024.

Brad Byrnes of Byrnes & Associates, represented the buyer in the deal. The seller’s broker was not disclosed.

Requests for comment from the seller and broker were not immediately returned.

Keith Loria can be reached at Kloria@commercialobserver.com.