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Deal nears for Legg Mason tower

Deal nears for Legg Mason tower

H&S Properties Development Corp. is close to selling a stake in the Legg Mason building in Harbor East.

The firm, which put the 24-story blue glass tower on the market last year, saying it was looking for a joint venture partner, confirmed Thursday that it is drawing closer to a deal. CBRE, the brokerage that was marketing the property, lists it as "under contract" on its website.

A spokeswoman for H&S declined to name the partner and deal terms and said a closing date has not been established.

She said the firm will retain "an active and significant" ownership and management interest in the building, constructed in 2009. A deal is intended to provide H&S with new capital for Harbor East, where the developer and partners recently broke ground on a new building.

"We are committed to ensuring the long-term success of our properties, with a focused vision of advancing Baltimore City as a whole," spokeswoman Megan McCloskey wrote in an email. "H&S Properties Development Corp. and their partners are, and will continue to be, long-term holders of real estate who will continue to invest in Baltimore City."

H&S is controlled by the family of the late John Paterakis Sr., who led redevelopment in Harbor East. The city renamed the roundabout at the center for the neighborhood for him on Thursday.

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