Embed Size (px)
Citation preview
1 6 1 5 - 1 6 3 7 T H A M E S S T , B A L T I M O R E , M D
BROWNS W h a r f
A R AR E WATE R FRONT M I X E D -U S E VA LU E ADD O PPORTU N I T Y I N TH E C E NTE R O F H I S TO R I C F E L LS PO I N T
JLL’s Mid-Atlantic Capital Markets group is pleased to offer for sale Brown’s Wharf, a 77% leased, Class A award-winning four-story waterfront property comprising a total of 104,203 rentable square feet in the historic Fells Point neighborhood of Baltimore, Maryland. This rare opportunity is positioned in Baltimore’s historic Fells Point, a sought after 24/7 “millennial” neighborhood with over 120 bars and restaurants alongside cobblestone streets.
Brown’s Wharf is an adaptive reuse project with a combination of office, retail and restaurant tenants. Dramatic water views and brick and timber aesthetic provide a desirable and unique environment. Situated within historic Fells Point, the project offers easy access to nearby amenities of Harbor East, Canton, and Federal Hill.
PROPERTY SUMMARYAddress 1615-1637 Thames Street
Year Built / Renovated 1820 / 1988
Total Rentable Area 104,203 SF
Current Occupancy 77%
Weighted Average Lease Term 5.7 Years
# of Floors Four (4)
Site Size 1.37 Acres, 0.9 Acres Riparian Rights
Parking Easement in-place for 160 spaces
THE OFFERING
BROWNS W h a r f
2
INVESTMENT HIGHLIGHTS
PREMIER LANDMARK PROPERTYBrown’s Wharf is one of Baltimore’s distinct, office assets, in a vibrant historic neighborhood in the nation’s 17th largest market and Maryland’s corporate, legal and financial epicenter. Brown’s Wharf is in the center of Fells Point, adjacent to Harbor East/Harbor Point, an extraordinary master-planned, mixed-use waterfront project situated along Baltimore’s world famous Inner Harbor. The asset was originally built in the 1800’s and renovated and expanded in 1988. This unique Property is part of a 1.37 acres site with riparian rights on approximately 0.9 acres and a 270 foot waterfront promenade. Its namesake comes from George Brown, son of Alex Brown, who bought the property in 1840 and used it as an early location for Alex Brown and Sons.
STRONG MARKET FUNDAMENTALSBrown’s Wharf located along Baltimore’s waterfront office micro-market, the beneficiary of over 2 million square feet of leasing activity since 2010, with more than 506,000 square feet represented by tenants from outside the CBD. Additionally, the Thames Street area in Fells Point has maintained a 95% leased occupancy rate with high barriers to entry.
AMONGST A SUBSTANTIAL CAPITAL INVESTMENTBrown’s Wharf is positioned slightly east of Harbor East and Harbor Point, two master planned developments totaling 8.5 million square of mixed-use development. These 24/7 developments offer tenants and residents with architecturally savvy buildings, numerous hotels including a new 250 room Four Seasons Hotel, premier street-level restaurants, the latest and grandest fitness facility in the City and iconic retail including Under Armour, Whole Foods, J.Crew, Lululemon Athletica, Warby Parker and Brooks Brothers. Within a short walk of Brown’s Wharf this area has attracted some of the nation’s most highly regarded tenants including Morgan Stanley, Johns Hopkins, Legg Mason, RSM Mcladry and the brand new 444,000 thousand square foot corporate headquarters for Exelon Corporation.
Immediately east of Brown’s Wharf at a cost in excess of $60 million, Kevin Plank’s real estate company Sagamore Development is renovating a 19th century recreation pier into a 128-room boutique brand Pendry Hotel. This Montage luxury brand hotel is the first on the east coast and scheduled to open in 2017.
3CONFIDENTIAL INVESTMENT OFFERING
THAM
ES ST
LANCASTER ST
ALICEANNA ST
E BALTIMORE ST
E FAYETTE ST
FLEET ST
EASTERN AVE
BOSTON ST
E PRATT ST
KEY HWY
LIGHT ST
S PRESIDENT ST
S BROADWAY
S PATTERSON PARK AVE
2
INNER HARBOR
LITTLEITALY
FELLSPOINT
HARBOREAST
FEDERALHILL
LOCUST POINT
RIVERSIDE
CANTON
DOWNTOWN
5 MINUTE WALK
10 MINUTE W
ALK
15 MINUTE W
ALK
20 M
INUT
E W
ALK
HARBOR PLACE
AQUARIUM
SCIENCE CENTER
PIER FIVE
RUSTY SCUPPER
HARBOR EAST
HARBOR VIEW
MARITIME PARK
LOCUST POINT
FELL’S POINT
CAPTAIN JAMES LANDING
FELLS POINT
FEDERAL HILL
THAMES STREET WHARF
BOND STREET WHARF
SAGAMORE PENDRY HOTEL Opening Early 2017
HEADQUARTERS
HARBOR POINT$700 million, 1.8 million square foot mixed use development,
including new offices for Morgan Stanley (900 Employees)
DEVELOPMENTPROMENADE
BARCOCINA DECK
IRREPLACEABLE LOCATIONWith a location at the intersection of Thames and Broadway Streets, Brown’s Wharf sits at the epicenter of Fells Point, one of Baltimore’s most popular historic waterfront neighborhoods. The asset’s waterfront location offers a unique address and direct access to the finest amenity base in the region with over 120 bars and restaurants in its immediate proximity. This waterfront community is rich in history, offering architecturally distinct buildings, historic inns, traditional storefronts and converted warehouses, as well as Baltimore’s oldest public market. This prime location is adjacent to Baltimore’s central business district and provides easy access to I-95 and I-83.
EXCELLENT TENANT BASE WITH MINIMUM ROLLOVER EXPOSUREWith a weighted average lease term of 5.7 years and only 18% of the existing tenancy rollover over the next five years, at 77% leased Brown’s Wharf offers a compelling value add opportunity with minimal near term downside. Tenants include Johns Hopkins University, Fells Point Surf Company, 7-Eleven, and a diverse mix of shops and restaurants.
The property is 59% leased to Johns Hopkins affiliates, including a recent 15.5k SF expansion and lease extension by JHPIEGO. The property is also home to Barcocina, a popular and successful Mexican-inspired waterfront restaurant.
BROWNS W h a r f
4
THAM
ES ST
LANCASTER ST
ALICEANNA ST
E BALTIMORE ST
E FAYETTE ST
FLEET ST
EASTERN AVE
BOSTON ST
E PRATT ST
KEY HWY
LIGHT ST
S PRESIDENT ST
S BROADWAY
S PATTERSON PARK AVE
2
INNER HARBOR
LITTLEITALY
FELLSPOINT
HARBOREAST
FEDERALHILL
LOCUST POINT
RIVERSIDE
CANTON
DOWNTOWN
5 MINUTE WALK
10 MINUTE W
ALK
15 MINUTE W
ALK
20 M
INUT
E W
ALK
HARBOR PLACE
AQUARIUM
SCIENCE CENTER
PIER FIVE
RUSTY SCUPPER
HARBOR EAST
HARBOR VIEW
MARITIME PARK
LOCUST POINT
FELL’S POINT
CAPTAIN JAMES LANDING
FELLS POINT
FEDERAL HILL
THAMES STREET WHARF
BOND STREET WHARF
SAGAMORE PENDRY HOTEL Opening Early 2017
HEADQUARTERS
HARBOR POINT$700 million, 1.8 million square foot mixed use development,
including new offices for Morgan Stanley (900 Employees)
DEVELOPMENTPROMENADE
BARCOCINA
AMENITY MAP
BROWNSW h a r f
KEY
PROMENADE DEVELOPMENT WATER TAXI STOPS
5CONFIDENTIAL INVESTMENT OFFERING
TRANSACTION LEADSJAY WELLSCHLAGERManaging Director JLL Capital Markets+1 443 452 [email protected]
ANDREW FINKELSTEINVice President JLL Capital Markets+1 410 382 [email protected]
NADER SHISHECHIFinancial Analyst JLL Capital Markets+1 443 451 [email protected]
LEASING ADVISORSJON MANEKINVice President+1 443 388 [email protected]
BOB DONHAUSERExecutive Managing Director JLL Capital Markets+1 [email protected]
ELIZABETH JOHNSTONSenior Vice President JLL Capital Markets+1 [email protected]
DEBT FINANCING
BROWNSW h a r f
BROWNSW h a r f
ORIOLE PARK AT CAMDEN YARDS LEGG MASON, HOGAN LOVELLS, RSM MERCER
POWER PLANT LIVE!
BALTIMORE RAVENS M&T BANK STADIUM
AMERICAN VISIONARY ART MUSEUMEXELON(HQ)
MORGAN STANLEY, JOHNS HOPKINS MARYLAND SCIENCE CENTER PIER SIX PAVILION
BROWN ADVISORY, JOHNS HOPKINS, CALLISONRTKL
