Building containing 21,700 square feet of commercial office and retail space is 90% occupied
Byrnes & Associates, Inc. has brokered the sale of 516 N. Charles Street, a five-story building in Baltimore City containing 21,700 square feet of commercial office and retail space for $1.925 million. Brad Byrnes of Byrnes & Associates represented the seller, 516 LLC and also procured the buyer, Corner Ventures, LLC in this off-market sales transaction. Also known as the Cokesbury Building, the asset was 90% leased and occupied at the time of the sale.
Constructed in 1921, 516 N. Charles Street is situated one block south of the Washington Monument in the Mt. Vernon district of Baltimore City and features anchor tenants HD2, an architectural and interior design firm and advanced Correction Chiropractic & Physical Therapy. It is situated adjacent to the Jones Falls Expressway, is less than one mile from the Inner Harbor section of the city and is surrounded by numerous sit-down and fast-casual restaurants. There are several parking garages and surface parking lots within a one-half block for tenants and visitors.
Corner Ventures is a Baltimore-based real estate investment company owned and managed by David Lapides who owns a number of commercial office, retail and multifamily properties throughout the region.
Investment represents a strong vote of confidence for Baltimore City
“This investment represents another strong vote of confidence for the City of Baltimore, the future of its commercial real estate industry and the rapidly-improving business climate downtown,” stated Brad Byrnes, President of Byrnes & Associates, a Baltimore-based boutique commercial real estate and investment company. “Energy is returning to every corner of the city with employees migrating back to work in larger numbers, businesspeople and local residents returning to restaurants and warmer weather bringing more people out of their homes. In addition, Royal Farms Arena, Lexington Market and Harborplace will soon be jumping again.
“The healthiest and most active segment of the Baltimore City commercial office sector coming out of the pandemic continues to be private offices and office spaces under 5,000 square feet,” Byrnes continued. “Most of these are being leased by entrepreneurs living close by that have grown tired of working from home and feel stifled. They recognize the many advantages of separating work from home, as well as the valuable benefits of interacting with clients and colleagues in person. The volume of interest in smaller spaces continues to increase.”
Post-pandemic renaissance continues in Mt. Vernon area
Reflecting the post-pandemic renaissance occurring in the Mt. Vernon area, a number of new restaurants have recently opened such as Darker Than Blue Grille and Allora, and the Mt. Vernon Marketplace has resumed normal operations. On the hospitality side, Boutique Hotel Ulysses is set to open within the Latrobe Building and Hotel Revival, Hotel Indigo and the Ivy Hotel are reporting an uptick in occupancy levels. Adding to the vibrancy is increased visitations to the Walters Art Museum, The Peabody and the recently-renovated Enoch Pratt Library.
“Baltimore has enormous potential, and we’re happy to support the businesses driving the city’s renaissance with great office space in an unparalleled Mt. Vernon location. With such a high occupancy rate already, our focus is to make the Cokesbury building even better suited to meet the needs of existing and new tenants. That could include bringing in a fiber connection, the development of shared conference rooms or opening up the basement for use. We work for our tenants, so their needs will drive our decisions,”stated David Lapides.
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 120,000 square foot multifamily conversion at 300 W. Fayette St and the recent 232,000 square foot multifamily conversion at 210 N. Charles St.
For additional information about Byrnes and Associates, visit www.ByrnesandAssociatesInc.com
