The developer of Harborplace, MCB Real Estate, took steps to expand its Inner Harbor real estate holdings on Thursday when a representative submitted the high bid of $25 million in an auction sale for a 10-story office building at Pratt and Light streets.
The building that sold at auction was One East Pratt Street, a 356,000-square-foot building that opened in 1977. The auction was a foreclosure sale held on behalf of an MCB Real Estate affiliate that has held the mortgage on the property since last April.
The auction, by BSC America/Atlantic Auctions, was scheduled because the building’s owner, a Florida-based group, defaulted on a loan held by MCB OEP Noteholder, the MCB affiliate, and the lender was seeking to recoup the money owed by the borrower.
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