Fremont Realty Capital partnered with Griffith Properties to acquire One East Pratt, an office building in Baltimore, Maryland.  The investment is emblematic of a value-enhancement approach to investment in traditional real estate sectors. It also demonstrates Fremont Realty Capital’s ability to leverage past operating partner relationships to source an attractive investment opportunity.

In late 2006, Fremont Realty Capital and Griffith Properties (Griffith), a well-respected and successful re-developer of office properties in the Northeast, acquired One East Pratt, a 10-story, 350,000 square foot office tower located in a prime location in Baltimore’s inner harbor.  The property was acquired via a purchase option held by the largest tenant in the property. While currently a Class B building, Fremont Realty Capital’s and Griffith’s creative redevelopment plan includes major capital improvements that are intended to transform the building to a contemporary Class A property – including the reconfiguration of mezzanine and ground floor retail space.

One East Pratt is well situated in Baltimore’s central business district and is directly connected to the city’s convention center, financial district, and a host of waterfront amenities.  With Baltimore’s central business district suffering from a general down-cycle, the acquisition was timed to coincide with a projected cyclical increase in demand for Class A office property in the submarket. 

When the redevelopment is complete, it is planned that One East Pratt will be a high-profile, well-located and desirable Class A office tower, commanding competitive lease rates, greatly enhancing the value of the property.

Fremont Realty Capital’s investment in One East Pratt was driven by the property’s location, opportunistic market timing, an investment grade anchor tenant, and the ability to make a repeat investment with a very capable operating partner.