It wasn't designed that way, but the Baltimore office tower known as 100 East Pratt is becoming something of a financial-services center.
PaineWebber Investments Inc., an investment brokerage, signed a lease yesterday to move into a 10,000-square-foot space on the 21st floor of the newly expanded building, which overlooks the Inner Harbor. Already, the tower provides space for such financial-services firms as T. Rowe Price Associates and Merrill Lynch.
Terms of the 10-year lease were not disclosed.
The fact that several financial-services business are congregating in the building is a coincidence, said Bruce Matthai of W. C. Pinkard, the leasing agent for 100 East Pratt. The building had not sought to market itself to such businesses, he said.
"We're in the market for lawyers, CPAs, anyone; as long as their rent is creditworthy, we'll take them," Mr. Matthai said of the building, which is about 70 percent occupied.
Still, the fact that other major financial businesses were already in the building was an advantage to PaineWebber, said Richard Barbarita, Baltimore branch manager and corporate vice president for PaineWebber Investments. He said PaineWebber was also attracted to the location of 100 East Pratt, a 600,000-square-foot building that occupies an entire block bordered by Pratt Street, Lombard Street, Light Street and Calvert Street.
In October, PaineWebber will move out of its current quarters in the Equitable Bank Center, where its 10-year lease is about to expire, Mr. Barbarita said.
PaineWebber will be the fifth-largest tenant in the building, whose two biggest tenants are T. Rowe Price and International Business Machines Corp., which co-owns the structure through a joint venture.
"We nabbed them because we think we've got the best space," W.C. Pinkard's Mr. Matthai said of the PaineWebber lease. The building provides tenants with concierge services in the lobby, a health club and a conference center, he said.