

Earlier this week we reported on the sale of Seattle’s tallest tower — now the peak of Baltimore, Maryland’s skyline has sold in the state’s deal of the decade.
Maryland-based Corporate Office Properties Trust has purchased the 37-story Transamerica Tower at 100 Light Street for $121m, assuming with it $55m of debt provided by Northwestern Mutual.
Yet another REIT, Lexington Realty Trust, acquired the Transamerica Tower in December of 2006 as part of a portfolio sale when Lexington Realty Trust merged with Newkirk Realty Trust in 2006, refinancing the 550,000 sq ft property with the $55m Northwestern Mutual loan in June of 2012.
In 2008, a tenant under a net lease — Legg Mason — vacated the property and Lexington implemented a $46m redevelopment plan and subsequently leased substantially all of the office space to several tenants.
The New York-based real estate investment trust intends to utilize the proceeds for investment in single-tenant properties with long-term leases.
“This disposition completes another successful repositioning of an asset that had high vacancy following the expiration of a single-tenant lease,” said T. Wilson Eglin, Lexington’s CEO. “The stabilization of this asset and sale following a period of intensive asset management is an important part of our capital recycling strategy, which is designed to maximize the value of our multi-tenanted properties and create liquidity for investments in single-tenant properties subject to long-term leases.”
The transaction marks COPT’s second purchase of a prominent downtown Baltimore office building this year, having acquired 250 West Pratt Street in March for nearly $64m.
The Transamerica Tower was completed in 1973. The fully-leased property is the tallest building in Baltimore. Formerly known as the Legg Mason Tower, anchor tenants include Transamerica, Miles & Stockbridge P.C. and Ober Kaler.