The World Trade Center, the icon of downtown Baltimore office buildings, stands out for more than just its prestigious address.
At least a dozen floors in the 28-floor building at 401 E. Pratt St. appear mostly empty.
Attempts to sell the building, with its 296,139 square feet of rentable space and 38,000-square-foot waterfront plaza, have yet to be successful. But that could change.
Erin Henson, a spokesman for the Department of Transportation, said several proposals have been submitted for the purchase of the building, but she said, “I don?t believe I can discuss that. There is no time frame for a final decision on those offers.”
Richard Scher, communications director with the Department of Transportation, said Secretary of Transportation Robert Flanagan “has taken the lead in answering questions about the status of the building,” but Flanagan did not answer a request for information.
“At this point, there is no set timetable,” Scher said. “Right now those offers that we have received are before Secretary Flanagan for his review.
The state?s Department of Transportation, which has ultimate responsibility for the structure through the Maryland Port Administration, chose Baltimore?s Colliers Pinkard in July 2005 to find a buyer.
Neither Phillip C. Iglehart nor Dennis P. Malone, both listed as Colliers Pinkard contacts in an executive summary marketing report, returned telephone calls seeking comment.
Developed in 1977 to kick-start the economic revival of the Inner Harbor, the World Trade Center was upgraded between 2003 and 2005. The building, which sits on 1.02 acres, is being offered for cash. The property is valued by the state at $51 million.
The Colliers Pinkard marketing report suggests that the first-year projected operating income could top $3.3 million; the five-year average projected net operating income tops $4 million.
Butthat might be difficult to attain. Colliers Pinkard?s own market report for office building activity in the city during the first half of 2006 reports a 15.18 percent vacancy rate for upscale Class-A office buildings in the central business district. Older Class-B office buildings away from the Inner Harbor are being developed into residential buildings.
Also, a possible stumbling block is the fact that Baltimore City holds a lease until 2025 for the Top of the World observation deck.
Tracy Baskerville, communications director for the Baltimore Office of Promotion and the Arts, which operates the attraction, said, “The new building owners won?t affect our lease.”
Contact Kelly Carson at [email protected]
