Downtown Baltimore Office Building Fetches $25M At Foreclosure Auction
MCB Real Estate reportedly purchased One E. Pratt St., a prominent downtown Baltimore office building, at auction on Thursday for $25M.
Baltimore-based MCB held the mortgage on the property via an affiliate. A representative of the trustee bid on the building during Thursday's auction at the city’s Clarence M. Mitchell Courthouse, the Baltimore Business Journal reported.
A spokesperson for MCB Real Estate didn't respond to Bisnow's request for comment on this story.
Once finalized, the acquisition would expand MCB's holdings around the Inner Harbor. Directly across from the property on Light Street, the firm is pursuing a $500M redevelopment of the iconic Harborplace retail pavilions after acquiring that property out of receivership in 2022.
The property was auctioned via BCS American Auctions Inc. after the previous owner, an affiliate of Banyan Street Capital, Banyan Street/Gap 1 East Pratt Owner LLC, defaulted on its loan.
The Banyan affiliate acquired One E. Pratt St. for $80.1M in 2018, according to property records. State assessors estimated the property’s current value at over $68.5M at the start of the year.
Deutsche Bank AG initially held the mortgage before MCB's affiliate, MCB OEP Noteholder, assumed the debt in April 2023, according to the legal advertisement announcing the auction.
P. David Bramble, MCB Real Estate's managing partner, told Baltimore Fishbowl earlier this month that his firm hoped to recoup money owed by the borrower via the auction.
The 10-story, 356K SF building at One E. Pratt St. was built in 1977 and was renovated in 2009 and 2014. Tenants in the building include PNC Bank, law firm Tydings and Rosenberg, and Cushman & Wakefield. A Commercial Search posting lists six available office spaces in the building, totaling 81,614 SF out of 317,222 SF of office space.
