Cushman & Wakefield has had a busy year at 250 W. Pratt St. in Baltimore. The real estate firm, with offices in Baltimore and 54 countries, recently leased 12,800 square feet of space in the iconic downtown office building to Cannon Design, an architecture, engineering, planning and project delivery firm that has been on South Exeter Street for five years.
“Demand continues to be strongfor quality office space along the Pratt Street corridor,” said Tim Jackson, senior director with Cushman & Wakefield. “This space will not spend even one day on the market as it has been leased for delivery to Cannon the day after the current tenant?s lease expires.”
Cannon, which will occupy space on the 21st floor of the 24-story building, joins other recent tenants Womble Carlyle Sandridge & Rice and Turner Construction. The Womble Carlyle Sandridge & Rice law firm leased 17,7000 square feet at the location in July, while Turner leased 6,600 square feet in April.
“The tenants that have leased space at the location have liked the iconic look of the building, the proximity to [Interstate] 95 and public transportation, the Pratt Street frontage and the outstanding views of Camden Yards and the Inner Harbor,” Jackson said.
Cannon, with 14 offices in North America and almost 800 employees, plans and designs health care, science and technology, education, government, sports and recreation, and justice projects. The firm is working on projects for Baltimore Washington Medical Center.
“The 250 W. Pratt St. location will allow us to grow from our current staff of 30 to 50 professionals,” Raymond A. Moldenhauer, regional director and principal for Cannon, said in a statement. “The new location also furthers our goal of becoming more visible as a Baltimore firm as we continue to provide a significant economic impact to the city.”
At the end of 2006, rent rates for Class-A office space were $25 to $30 per square foot, according to Downtown Partnership?s 2006 State of Downtown Baltimore Report.
Cushman & Wakefield represents Behringer Harvard Funds, a real estate investment company based in Texas that bought the 368,000-square-foot building on West Pratt Street in December 2004 for about $52 million. The building is 95 percent leased.
