Eight years after its sale fetched more than $66 million, the office tower at One South Street in downtown Baltimore sold last month for $24 million, a markdown that could be a barometer for the city’s commercial real estate industry. Commercial real estate prices across the country are slumping and many downtowns are struggling with vacant office space. The sale of One South Street — a 30-story building that opened in 1992 — appears to be the first post-pandemic sale of a downtown office tower in Baltimore.
A downtown Baltimore office tower sold for $66M in 2015. It just sold for less than half that amount.
July 18, 2023