June 3, 2021
(Baltimore MD –June 3, 2021) American Real Estate Partners (AREP) has executed a long-term lease renewal of 118,000 square feet with Johns Hopkins University (JHU) at 700 East Pratt Street, a landmark overlooking downtown Baltimore’s iconic Inner Harbor that is recognized in the National Register of Historic Places. The newly transformed Class A office destination recently received the WELL Health Safety Rating from the International Well Building Institute and the UL Verified Healthy Building Mark for indoor air quality.
“We are thrilled to see that our customers are finding the value in returning to AREP’s wellness-positioned workplaces—places where people want to be to collaborate and innovate,” said Paul Schulman, Principal and COO at AREP. “700 East Pratt demonstrates the exceptional quality of the work environment we created at this storied landmark.”
Acquired by AREP in 2017, the property regarded as Baltimore’s first Industrial Building benefited from a $15 million investment in renovations focused on health and wellbeing that were completed in 2019. The 12-story landmark, formerly known as the Candler Building, now boasts 589,830 square feet with a fresh modern feel and extraordinary amenities inspired by the economic and cultural significance of the storied property.
The industrial chic renovation included historically-inspired interiors which feature polished concrete, reclaimed wood, exposed brick, period lighting and preserved historic elements; a boutique lobby with experiential areas; collaborative meeting and conferencing areas; and direct access to refreshed perimeter retail punctuated with patio seating that opens out onto both Market Place and Pratt Street. A state-of-the-art fitness center, bike room and lobby lounge seating were designed to help tenants attract and retain talent, especially millennials, to an office community in a neighborhood rich with historical and cultural significance, and vibrant retail amenities. Collective Architecture was the design team behind the historically hip reimagination of 700 East Pratt.
In addition to Johns Hopkins University, other notable tenants include engineering firm RK&K, Venable, The National Aquarium and Verizon, Centurylink, Crown Castle, Zayo, and Blackwall Hitch restaurant.
Bronwyn LeGette and David Downey of C&W represented AREP in this transaction. Bruce Matthai of C&W represented JHU.
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ABOUT AMERICAN REAL ESTATE PARTNERS
Headquartered in the Greater Washington metropolitan area, American Real Estate Partners (AREP) is an institutional fund manager, and operating partner focused on office and mixed-use repositioning and development throughout the Greater Mid-Atlantic Region.
Since the company’s founding in 2003, AREP has deployed over $4 billion across targeted geographies, acquired more than 17 million square feet of class-A real estate, and currently oversees over 10 million square feet of assets. AREP's vertically integrated real estate platform provides best-in-class expertise in all ownership disciplines, from property management and building operations to investment strategy, market research, and acquisitions. By leveraging this expertise AREP remains at the leading edge of real estate innovation maximizing building performance to provide real value. For more, please visit: americanrepartners.com.