Downtown Partnership of Baltimore Release:
SIGNATURE OFFICE TOWER AT 10 LIGHT STREET HAS BEEN SOLD;
WILL BE CONVERTED TO APARTMENTS
Baltimore, MD (November 30, 2012) – Downtown Partnership of Baltimore, Baltimore Mayor Stephanie Rawlings-Blake, and the Baltimore Development Corporation today jointly announce that one of Downtown Baltimore’s signature office towers, located at 10 Light Street, has been purchased by Metropolitan Baltimore, LLC. which will convert the building to residential units and ground floor retail.
The transaction furthers Mayor Rawlings-Blake’s goal to increase Baltimore’s population by 10,000 families. It also continues the strong residential growth pattern in what was, historically, a nine-to-five office district. The area, known as City Center, contains The 401, Baltimore’s fastest-growing residential neighborhood according to the 2010 U.S. Census. Housing demand research by Downtown Partnership, shows market demand for 5,800 new apartments in Downtown Baltimore over the next five years.
In its 2011 Strategic Plan for Downtown Baltimore, The Partnership put 10 Light Street at the top of a list of 25 under-used buildings whose return to full use was important to Downtown’s future. Over the last several months, both Downtown Partnership and the Baltimore Development Corporation have been working with the previous owner and a private developer on plans for its sale and conversion.
“Bringing 10 Light Street back to full occupancy through adaptive reuse addresses three of my top priorities for Downtown,” said Baltimore Mayor Stephanie Rawlings Blake. “This project will take hundreds of thousands of square feet of outdated office space off the market, provide signature new residential and retail space, and invest millions of dollars in the city’s economy.”
With Downtown apartment buildings at almost 100 percent occupancy, the demand for this project is clearly there,” said Downtown Partnership of Baltimore President, Kirby Fowler. “Adding retail and hundreds of new residents will bring 24-hour life and build a critical mass of people in this important section of Downtown.”
“From an office standpoint, 10 Light Street would be a tough sell because its floor plans and amenities are outdated, but from a residential standpoint, this building is a home run,” said Kimberly Clark, acting President of the Baltimore Development Corporation. “Overnight, this building is going from one of our biggest concerns to one of our biggest development successes of the year.”
The building at 10 Light Street was built in 1928 as the headquarters for the Baltimore Trust Company. When it opened in 1929, it was the tallest skyscraper on the East Coast (outside of New York City) and remains one of Downtown’s most iconic buildings. Currently, it houses a branch banking center for Bank of America and its single office tenant, the law firm of Miles & Stockbridge, is moving to One Light Street just a block south in the spring of 2013.
Downtown Partnership of Baltimore is a non-profit corporation creating a more vibrant Downtown community for businesses, property owners, residents, and employees. Through its many initiatives, Downtown Partnership improves Downtown’s quality of life by increasing investment, retaining business, solving transportation challenges, improving parks and green space, and creating workforce development opportunities. For more than 25 years, these programs have been good for Downtown and good for Baltimore.