100 East Pratt building sells for $187 million

Columbia Property Trust announced Friday a change for a high-profile piece of downtown Baltimore real estate with the sale of 100 East Pratt Street building for $187 million.

The 653,000-square-foot building is the headquarters of T. Rowe Price, and also houses Maryland law firm Tydings & Rosenberg and global professional services firm PricewaterhouseCoopers.

The New York-based Columbia Property Trust said it sold the building to Vision Properties, an east coast real estate firm.

As of December, the 100 East Pratt property was 98.5 percent leased, company officials said.

Nelson Mills, president and chief executive officer of Columbia Property Trust, noted in a press release that 100 East Pratt was the company's only asset in Baltimore, and "we achieved pricing well within our target range for the property, which reflects its overall quality and solid performance during our years of ownership."

Columbia said it planned to use proceeds of the sale to repay a $119 million short­term bridge loan and borrowings on an unsecured credit facility.