Half of the St. Paul Co.'s sprawling, tree-lined Mount Washington campus, split by the northern city-county border, could have a new owner by early next year. But prospects for the other half are not as clear.

The insurance company, saying it no longer needed all the space for its 700 employees, put the entire 68-acre site up for sale in September.

Marketing the property as two parcels, St. Paul wants $34 million for the northern part, which sits in Baltimore County, according to area real estate brokers. The company accepted bids until Dec. 6 and could pick a winner and close on that half of the property in early 2003.

"There's been a high level of interest" centering on the northern half of the property, said Walter D. Pinkard Jr., president of Colliers Pinkard, St. Paul Cos.' broker, who declined to say when the property might sell and how many parties have submitted bids. "I can't think of another property in the region that's more attractive and interesting than this."

Area brokers say such campuses are rarely on the market. The Mount Washington property has a collection of historic and modern buildings that have their own power plant, a conference center and guest rooms.

Nine sales people, analysts and marketing professionals at Colliers Pinkard have been working since September preparing materials to ship out locally and nationally. A colorful booklet spells out every foot of space on the campus, from the city-themed murals in the octagonal conference center to the parking spaces under the Founder's building on the north side. It also spells out specifics on transportation and labor in the city and region.

The northern portion has some developable land in addition to the Founder's building, a 250,000-square-foot, glass and granite building anchored by the law firm Piper Rudnick LLP. Pinkard called it a "trophy building."

Brokers said likely bidders are real estate trusts or institutional investors, many of whom are leery of the stock market.

With its paying tenants, the county side is attractive to buyers. Selling the city side will take longer, Pinkard said.

"The north side is basically an investment opportunity, but the south side would require someone to come in and use the buildings," he said. "Most corporations are in a wait-and-see mode because the economy is where it is. Maybe they'll be looking for new space next year."

There is no asking price for the south parcel, which includes four main buildings that would have no tenants producing income for a buyer once St. Paul moves out. The buildings encompass about 392,000 square feet of space.

The south parcel also has meeting space and guest rooms as well as a power plant that is used primarily in peak times when commercially produced electricity is expensive.

St. Paul, which has pledged to stay in the region, wants to replace itself on the city campus with another regional headquarters or another major corporate entity. But real estate experts say few are in the market for that kind of space.

Businesses have not been seeking to move or expand for at least a year around the region and the nation. No one is sure when activity will pick up.

"The southern part is more unique," said Mark Hamel, a spokesman for the St. Paul, Minn.-based St. Paul Cos. "It might take some time. Hopefully, we'll find a buyer who likes the amenities it has to offer. ... We're in the middle of the process." Hamel said the company won't search for new office space for itself until the campus is sold.

USF&G; Corp., which bought the whole property in 1984 from the Sisters of Mercy, sold itself to St. Paul in 1998. In its heyday, USF&G; employed 2,700 at the campus.

For now, the attention is on the northern parcel.

Several buyers are interested in the fully leased building. It houses an investment arm of the Blaustein family as well as Piper Rudnick.

The quality of tenants and the building make the parcel attractive, said Randall M. Griffin, president and chief executive of Corporate Office Properties Trust. The company-based real estate investment trust was one of the bidders.

"It's definitely a nice building," he said.