To finance the acquisition, the real estate investment company was aided by a $29.25 million loan from Natixis, a French financial services provider. The funding was used to buy the 24-story skyscraper, to capitalize tenant improvements and to pay the commissions associated with the property’s lease-up.
According to Yardi Matrix data, the property was foreclosed in July 2017 and sold for $15 million in an auction to CWCapital Asset Management. Hertz Investment Group acquired the building in a roughly $37 million transaction, The Baltimore Sun reveals.
The 377,684-square-foot high-rise includes 10,808 square feet of retail space, as well as a four-level parking structure with 209 parking spots. The largest tenant on site is Wells Fargo Bank, which occupies 80,753 square feet—close to a quarter of the rentable square footage.
Located at 7 St. Paul St., the Class A tower was completed in 1985. Considered an example of modern architecture, the office building is known for a large clock placed just above street level that features a façade made of glass, steel, and concrete. The transit-oriented property provides easy access to two public transportation stations and is adjacent to Fayette Street to the north and Baltimore Street to the south. The downtown Baltimore tower bore many names throughout its lifetime, including the First Union Signet Tower, the Wachovia Tower, and the Union Trust Building.