Investment Counselors looks to expand its office rather than move to new building


October 03, 1990|By Edward Gunts

One of the prospective tenants of a five-story office building planned for 925 N. Charles St. is now exploring plans to expand its current headquarters instead.

Investment Counselors of Maryland, an 18-year-old investment firm that handles $3.5 billion in assets, asked Baltimore's Board of Municipal and Zoning Appeals for permission to construct a four-story, $800,000 addition to the rear of its headquarters at 803-805 Cathedral St., which is part of the Mount Vernon historic district.

Investment Counselors had been negotiating to lease about 13,000 square feet of space in the Charles Street building, which was planned by Cochran, Stephenson and Donkervoet Inc. and PersonaCare Inc.

Shortly after a groundbreaking in January, the developers halted work, saying they were unable to obtain financing until 65 percent of the building was pre-leased. The hole dug up during the excavation process recently was filled in and covered over with grass, a sign that the developers are not ready to move ahead with construction.

Robert Russell, executive vice president of Investment Counselors, said the addition would give the company nearly 13,000 square feet of space. Guth & Meyers of Baltimore would be the architect for the project, which already has received conceptual approval from Baltimore's Commission for Historical and Architectural Preservation and the architectural review committee of the Mount Vernon-Belvedere Improvement Association.

Partner David Guth said the firm hopes to begin work by early 1991 and complete the addition by midyear. The zoning boardplans to issue its decision in seven to 10 days.


Around the region:

* Local leaders in the commercial real estate industry will be recognized during an awards dinner sponsored by the Commercial/Industrial Committee of the Greater Baltimore Board of Realtors, at 6 p.m. Oct. 10 at the Hyatt Regency Baltimore hotel.

Categories in the awards program include Commercial Transaction of the Year, Industrial Transaction of the Year, Unusual Transaction of the Year, Realtor of the Year and Commercial/Industrial Affiliate of the Year. Tickets are $50 per person and are available from the real estate board at 462-2500.

* The Trammell Crow Co. last week completed its acquisition of the Bendann Building at 107-113 E. Baltimore St. for $1.9 million. The building is one of seven properties Trammell Crow is assembling to create a site for the 750,000-square-foot One Light Street office tower it plans to build. Still to be acquired are the building that houses McDonald's at Baltimore and Light streets and the former Southern Hotel at Light and Redwood streets.

* Dorsey Center, a satellite facility of the Johns Hopkins School of Engineering, recently opened in the Dorsey Business Park at Route 176 near Baltimore-Washington International Airport. Located at 6810 Deerpath Road, the center offers graduate engineering courses and houses the Microwave Engineering Laboratory.

* The Resolution Trust Corp., the federal agency that is overseeing the liquidation of assets of Baltimore Federal Financial, is taking sealed bids for three bank branches that formerly housed Baltimore Federal offices. The branches are at 107 Main St. in Reisterstown, 6 E. Main St. in Westminster and 1445 Liberty Road in Eldersburg. The deadline for bids is Oct. 31. More information is available from the RTC's Frank Whitley at 783-2321 or Jack Ross at 783-2100.

* Princeton, N.J.-based architect Michael Graves will present a free public lecture at 7 p.m. Oct. 9. at Morgan State University's Murphy Auditorium. Further information is available from Gilbert Cooke at 837-2350.

* Canadian-based architect Moshe Safdie will be guest speaker for the annual Alexander Cochran Lecture Series at the Walters Art Gallery at 8 p.m. on Oct. 11.

Tickets are $10 per person for members of the American Institute of Architects, the Baltimore Foundation for Architecture, and the Walters Art Gallery. More information is available from the AIA at 625-2585.

* The Columbia-Freestate Health system plans to relocate its Annapolis Regional Medical Center by early 1991 from 2525 Riva Road to a 66,000-square-foot space in the WestWood complex on Admiral Cochran Drive in Annapolis.

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