The Maryland Life Building on South Street in downtown Baltimore has sold for $901,000 to Acumen Capital LLC, a local investment group.
The sale was announced Friday by Brexton Commercial, a Baltimore real estate services firm that represented the buyer. The seller was RREF II SB-MD BTB LCC, which is based in Miami and was represented by AGM Commercial Real Estate Advisors.
The Maryland Life Building at 10 South St. was built in 1905 for a one-time insurance company and retains architectural details such as high ceilings, crown molding and custom millwork. The mid-rise structure spans about 19,000 square feet.
“Acumen Capital is very pleased with this below-market purchase price and confident that this office building fills a niche in the downtown market for small office tenants wanting to be near the Courthouse and Inner Harbor,” said Leo McDermott, a principal of Brexton Commercial.
The state values the property for tax purposes at nearly $1.54 million. It last sold for $750,000 in August 2016.
It is only 16 percent leased. Current tenants include Courthouse Copy and Tech International.
Brexton Commercial will work on leasing the rest of the office building, which offers office suites ranging from 362 square feet to 1,630 square feet as well as a fully outfitted, street-level restaurant space.
Acumen Capital is based out of a home in Clarksville owned by Kenny and Henrietta Kan. He is the former chief actuary for CareFirst BlueCross BlueShield.