Avison Young announced it has brokered the $69.2 million sale of 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, Maryland.
Avison Young’s Peter Sherman, Chip Ryan, Matt Weber and Sam Chow represented the seller, Halle Companies. The buyer, FPA Multifamily, LLC, was self-represented.
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.
“Newly constructed high-rises in Baltimore provide a path for 10 Light’s new owner to pursue cosmetic improvements and tenant services that align with a higher-end luxury property,” said Sherman. “This generational asset is poised to experience strong valuations for both the short and long-term.”
Weber added, “This transaction is testimony to the confidence of institutional capital in Baltimore. The multifamily market has made a swift recovery over the past year and is experiencing strong rental growth and absorption.”
“The sale of 10 Light came with complexities. Avison Young did an outstanding job. Peter and the team were consummate professionals, and we look forward to working together with them again soon,” said Gerry Halle, Vice President with the Halle Companies.
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.
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.
