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Armada Hoffler to Buy Baltimore Asset for $101M
Date of placement
The REIT will acquire Thames Street Wharf, a trophy office tower along the waterfront in the city’s popular Harbor Point development, from KBS.
Armada Hoffler Properties will soon expand its footprint in Baltimore’s popular Harbor Point development with the acquisition of a 260,000-square-foot trophy office building. Having just entered into an agreement, Armada will purchase Thames Street Wharf from KBS in a $101 million transaction. CBRE marketed the asset on behalf of the seller.
Fronting the Baltimore Harbor at 1300 Thames, St., Thames Street Wharf first opened its doors in 2010, developed by H&S Properties Development Corp. and built by Armada Hoffler Construction, a subsidiary of Armada. The eight-story tower, which also features roughly 1,500 square feet of retail space, is 100 percent occupied.
Anchors Johns Hopkins Medicine and Morgan Stanley occupy a combined 92 percent of the LEED Gold-certified property, with the latter having signed a lease renewal in the first quarter of 2019 to continue to occupy its 195,783 square feet of space. Armada Hoffler Construction also maintains offices in the building, which is home to a total of seven tenants.
Harbor Point Presence
Thames Street Wharf will be Armada’s third major asset in the 27-acre Harbor Point neighborhood. The vertically integrated REIT also recently claimed a controlling interest in 1405 Point, formerly Point Street Apartments, a 289-unit luxury high-rise. Additionally, the company is currently developing Wills Wharf, a 325,000-square-foot mixed-use project.
The Thames Street Wharf transaction is on track to reach completion by the close of the second quarter of 2019. The building last traded in 2014, when KBS purchased it from Beatty Development Group for $89 million, marking the largest price per-square-foot ever paid for an office property in Baltimore at the time.
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