Assets rebranded to Redwood Exchange and Vickers Exchange, $5 million redevelopment strategy underway and Werner’s Restaurant with new operator planning reopening this fall
“The 21 new companies share an entrepreneurial spirit and a strong belief in the long-term prospects of downtown Baltimore,” explained Brad Byrnes of Byrnes & Associates, Inc.
Approximately eight months after its acquisition of 225 E. Redwood Street and 233 E. Redwood Street in Downtown Baltimore City, a local investment group has signed 21 new offices leases at the two buildings, initiated a comprehensive $5 million redevelopment strategy and rebranded the assets to Vickers Exchange and Redwood Exchange respectively. Members of the two limited liability entities associated with the purchase include Kemp Byrnes and Brad Byrnes of Byrnes & Associates, Inc., a Baltimore-based boutique commercial real estate and investment company, as well as Dave Gupta, a local entrepreneur.
225 E. Redwood Street, a four-story building formerly known as the Vickers Building is now 80% leased with this new activity. Together with 233 E. Redwood Street, an adjacent13-story building formerly known as the Garrett building, the two projects combine for approximately 90,000 square feet of office and retail space. The renovation and repositioning program consist of transforming the upper floors of Redwood Exchange into multi-tenant office space. The ground floors of both buildings will be leased to restaurant and retail users.
Recent leasing activity
The recent leasing activity has attracted a range of commercial office users to the buildings including two which are establishing new presences in Baltimore City after expanding from the Washington, D.C. area as well as another expanding from Philadelphia. Industries represented include professional groups offering communications, digital advertising, engineering, environmental, healthcare, legal, photography, public relations and real estate services. Other sectors are auto, arts and entertainment, financial services, jewelry repair, logistics, non-profit, nursing training and software. A short-term lease was also signed with FX Studios for use in filming the pilot for a new television series “The Spook Who Sat By The Door,” which utilized space in both buildings including the conference rooms and event space.
Final renewal negotiations are underway with Clark-Morley Salon as well as for a new operator within the venerable Werner’s Restaurant in Vickers Exchange, with the concept expected to be operational this fall. The popular dining establishment first opened in 1950 by Werner Kloetzli, and it was chosen for the filming of numerous movies and television shows due to its distinctive chrome and maple Art Deco interior. The eatery had roles in The Wire, Liberty Heights, Ladder 49, Tin Men, Avalon and House of Cards.
“The common denominators among these 20 companies are their collective entrepreneurial spirit, combined with a strong belief in the long-term future of Baltimore City,” explained Brad Byrnes, President of Byrnes & Associates. “We see comparisons to what is occurring here with the renaissance of Brewers Hill and Locust Point several years ago and the commitment of various small businesses to invest in an area they feel strongly about. These groups were attracted by affordable leases, the presence of a pedestrian-friendly workplace served by public transportation options, and the existence of plentiful retail amenities, restaurants and like-minded companies and employees.
“As employees slowly migrate back to the workplace, they are seeking a collaborative workplace in which they can interact with their colleagues and areas emitting energy, social interaction and an after-work atmosphere. We see tremendous signs of progress downtown and the shifting of attitudes as the region emerges from the pandemic and we remain extremely optimistic about the large-scale return to urban life. A strong and vibrant downtown core is essential for the long-term economic health of the entire region.
“The flurry of leases over the past several months places us ahead of our pro forma schedule, and stems from the availability of reimagined commercial office and retail space in the central business core of Baltimore City. We have been successful in creating a vibrant and energetic work atmosphere at Vickers Exchange and Redwood Exchange and companies engaged in a range of professional services have embraced the location, nearby amenities and overall ambiance,” Byrnes added.
The new tenants include large and small firms — with some leasing a single office for $450 a month and others taking up to 5,000 square feet of space in the ornate towers that were once the heartbeat of Baltimore’s old financial district.
For leasing information contact Brad Byrnes at brad@byrnesandassociatesinc.com and review listings at: https://www.loopnet.com/Listing/233-E-Redwood-St-Baltimore-MD/22042078/
History of 233 E. Redwood Street
The building was constructed by the family of John Work Garrett, a prominent entrepreneur and philanthropist in Baltimore who served as president of the Baltimore and Ohio Railroad for nearly 30 years. In 1870, Garrett acquired 1,400 acres in Baltimore City and built a Victorian-style mansion that was named “Montebello.” After his death, his family constructed the 13-story 233 E. Redwood Street – which was considered extremely tall for that time period – with the building designed by architects J.B. Noel Wyatt and William G. Nolting. It was delivered in 1913, approximately nine years after the Great Baltimore Fire.
Nearly 155,000 people reside within a two-mile radius of the buildings, including more than 68,000 households with an average household income approaching $70,000. The daytime population within two miles is nearly 290,000.
About Dave Gupta
Dave Gupta is a local entrepreneur who currently owns apartment buildings including The Telephone building in Charles Village next to Johns Hopkins University, and the Calvert School Apartments on 10 W. Chase Street in Mt. Vernon that formerly functioned as the Calvert School. He also owns a number of other real estate holdings in downtown Towson.
About Byrnes & Associates, Inc.
Byrnes & Associates, Inc. is a boutique real estate company providing a comprehensive array of commercial real estate brokerage, leasing, redevelopment and asset management services to institutional and private investors, companies and other owners. Since 1981, the company has been involved in a number of historical redevelopment projects including The Professional Building, The Latrobe Building and The McDowell Building. Over the past year, Byrnes & Associates has brokered the sale of several high-profile projects in Baltimore City including The Munsey Apartment Building, the Lanahan Building on 22 Light Street and the recent 120,000 SF Multifamily Conversion at 300 W. Fayette St.
The company continues to be involved in numerous charities and business organizations throughout the City. Last year, the company recently relocated its corporate headquarter to The Vickers Exchange in anticipation of expected growth of its brokerage and development business.
For additional information about Byrnes and Associates, visit www.ByrnesandAssociatesInc.com
