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Wells Fargo Tower in downtown Baltimore sold to California investment firm for nearly $37 million

The Wells Fargo Tower in downtown Baltimore was sold to Hertz Investment Group for $36.75 million, Hertz announced Wednesday.

The acquisition of the 24-story, 378,010-square-foot office building at St. Paul and E. Baltimore streets was the first in Baltimore for Hertz Investment, a California-based real estate investment firm that has doubled its portfolio in the last five years and now owns 64 properties in 18 states.

The building is 67 percent leased to tenants including Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright Constable & Skeen. Constructed in 1985, it recently underwent several lobby renovations and the replacement of mechanical equipment.

“We believe Baltimore is poised for substantial population and job growth,” said Jim Ingram, Hertz Investment’s chief investment officer, in a statement. “Wells Fargo Tower is a property that companies find attractive due to the location, proximity to the courthouse and opportunities for expansion.

“We are pleased to be in the Baltimore market, and continue to look for additional acquisitions.”

meredith.cohn@baltsun.com

twitter.com/mercohn

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