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Morning Calm Acquires Inner Harbor Office Tower for $60M

Tier REIT Exits Baltimore with Sale of 500 E. Pratt to South Florida Real Estate Firm
February 15, 2018
Morning Calm Mgmt., a vertically integrated real estate management firm headquartered in West Palm Beach, FL, made its biggest acquisition to date in Maryland by acquiring the 13-story 550 East Pratt office tower from Dallas-based Tier REIT for $60 million, or approximately $215 per square foot.

The 279,712-square-foot, Class A office tower was constructed in 2004 at 500 E. Pratt St., overlooking the Inner Harbor.

The office property was 93 percent leased at the time of sale. Major tenants include Maryland Bio Energy, JLL, Walker & Dunlop and the headquarters of Camden Partners Holdings. Other tenants include The Capital Grille, Corner Bakery, Planit Advertising and McGuireWoods, which signed a 20,972-square-foot office deal in the first quarter of 2017.

Led by its founder and CEO Mukang Cho, Morning Calm Management owns and manages more than 4 million square feet of commercial real estate throughout the U.S. on behalf of private and institutional investors.

The purchase of 550 East Pratt is the firm's third recent investment in Maryland. In December 2017, it purchased Metro Plex I and II and a 3.7-acre development pad in Landover. In December 2016, the firm acquired the six-building Capitol Office Park in Greenbelt, the largest office park in Prince George's County, for $49 million.

Andrew Weir, Stephen Conley, James Meisel, Dek Potts and Matt Nicholson with HFF marketed 500 East Pratt on behalf of Tier REIT (NYSE: TIER), which acquired the tower as part of its 2007 acquisition of IPC US REIT for $1.4 billion.

With the sale, Tier REIT has now exited the Baltimore market, reducing its focus to six markets including Austin, Dallas, Houston, Charlotte and Nashville.

Please see CoStar COMPS #4136857 for more information on this transaction.
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