Some people see an empty office building in a city center as an eyesore or symbol of distress. Others see opportunity.
Baltimore developer Pat Grace sees opportunity. He's been busy snapping up prominent city buildings that have seen better days and turning them into something new. Take the faded office complex at 300 W. Fayette St., built in 1908; it's now been reborn as a modern 107-unit apartment building.
The transformation of a building that had been vacant for 15 years into one that is now 95% leased earned the project a 2025 CoStar Impact Award, as judged by real estate professionals familiar with the market.
"High quality redevelopment in the heart of the city should be rewarded," said Owen Rouse, a senior vice president at MacKenzie Commercial Real Estate Services and an Impact Award judge.
In the last 10 years, property owners in the Baltimore region have converted almost 6 million square feet of office space inventory — with more than half located in the city — into some other type of space, mostly apartments, according to CoStar data.
About the project: 300 W. Fayette St. features two retail spaces and studio, one-, two- and three-bedroom apartments. It is located a block from CFG Bank Arena, the Hippodrome Theatre and Lexington Market.
What the judges said: " Taking a building that was vacant for 15 years to 95% leased speaks for itself," said Lacey Johansson, an assistant vice president for leasing at St. John Properties.
They made it happen: Developer Pat Grace is the owner of Trademark Properties.