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Avison Young tapped to market 10 Light, an iconic 36-story luxury apartment / retail asset in downtown Baltimore, MD22 Sep 2021
Baltimore, MD – Avison Young announced today it has been tapped to market for-sale 10 Light, an iconic 36-story high-rise asset that includes 419 luxury apartment homes and 41,785 square-feet of ground floor retail space in downtown Baltimore, MD.
Avison Young Los Angeles’ Peter Sherman and Sam Chow, alongside Chip Ryan and Matt Weber from Avison Young Washington DC, are exclusively representing the seller. The property is unpriced with a deadline of October 12, 2021 for investors to submit their offers.
Located at 10 Light Street, the 34-story, historic Art Deco-style property was built in 1929 for use as the headquarters for Maryland National Bank and was once Baltimore’s tallest skyscraper. In 2015, the building underwent its adaptive reuse transformation and has been experiencing high occupancy for both apartment and retail uses.
“Our Avison Young team is pleased to bring 10 Light to market on behalf of the ownership,” said Sherman. “This high-profile trophy asset is in an irreplaceable location in the Financial District of downtown Baltimore and is walkable to the Inner Harbor and Harbor East. It is a rare, generational property with outstanding value potential in a core-plus asset.”
The landmark building is a noteworthy part of the skyline of Baltimore with copper patina and gold roof on the main tower which reaches a height of 509 feet. The distinctive property features grand architecture including intricate friezes, soaring interior spaces replete with doric columns and ornate details at every turn.
“While the current ownership executed an exceptional adaptive reuse strategy in 2015, we believe an ideal, institutional-grade buyer will see the opportunity to add value through modest improvements and to bring rents to market rates as leases expire. The property is already displaying great bounce-back strength with new leases being signed at 30% above average in-place rents and the occupancy is currently at 95%. 10 Light is poised to experience appreciation and rent growth over both the short- and long-term,” said Weber.
The property offers residents a resort-style rooftop pool and 3,000 sf of lounge space on the 22nd floor that boasts sweeping city and harbor views. The ground floor retail of the building is occupied by the Under Armor Performance Center which is built out of the of the old bank building lobby complete with large murals depicting events from Maryland’s history, terrazzo floors, soaring ceilings, and the former Bank Vault Lounge. The residential unit mix includes 47 unique floor plans featuring a mix of studios (51), one-bedroom units (331), two-bedroom units (35), and three-bedroom units (2) with an average size of 672 sf.
10 Light’s unique, central location provides for an array of sports, entertainment and retail experiences within walking distance. Oriole Park at Camden Yards and Ravens Stadium, Inner Harbor and Harbor East, the Hippodrome, Bromo, Royal Farms Arena and the vibrant nightlife at Fells Point, along with the Stadium District, are all within walking distance or a short scooter ride providing an authentic and vital urban living experience.
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For more information:
Peter Sherman, Principal 424.257.6475 [email protected]
Chip Ryan, Principal 202.644.8694 [email protected]
Matt Weber, Principal 202.602.1012 [email protected]
Sam Chow, Vice President 424.257.6478 [email protected]