A 19-story office tower in downtown Baltimore is scheduled to be sold at a foreclosure auction on Feb. 9.
The property, located at the corner of St. Paul and Baltimore streets, is home to law firms such as Whiteford Taylor Preston and McGuireWoods, but is more than 20 percent vacant, according to the real estate firm Costar. The roughly 377,000-square-foot building is known for its Wells Fargo marquee and clock.
Jadqui Baltimore Development, a New York firm, and Tivoli Gardens Associates, an affiliate of Virginia-based Harbor Group International, purchased the 7 St. Paul St. tower in 2003 for $50.2 million, according to land records. The building, built in 1985, was used to secure a $53.8 million loan granted by Deutsche Bank in 2006.
Trustees filed a foreclosure suit in Baltimore City Circuit Court in January.
Alex Cooper Auctioneers plans to conduct the sale on the steps of the Clarence Mitchell courthouse. Bidders must have a $500,000 certified or cashier's check in hand.