Riggs puts Redwood Center on market

November 10, 1990|By Edward Gunts

Riggs National Bank of Washington has put the unfinished Redwood Center office complex on the market for $4.5 million, three months after gaining control of it in a foreclosure auction.

Riggs chose Manekin Corp. of Baltimore as exclusive sales agent for the complex, which includes an eight-story building at 131 E. Redwood St. and a 12-story building at 26 S. Calvert Street.

In an auction last August, Riggs bid $3.8 million to acquire thbuildings, which originally were headquarters for the predecessor to USF&G Corp.

The buildings had been scheduled for conversion to a 190,000-square-foot office complex by the Redwood Street Limited Partnership, a group headed by developer Dennis Leapley, but work was never completed.

The auction was a foreclosure sale on behalf of Riggs, which lent $3.8 million to Mr. Leapley's group to allow the partnership to purchase the buildings and later claimed the developers were in default of their loan.

Andrew Chriss, vice president and director of brokerage operations for Manekin, said Riggs would consider selling the buildings separately or together.

Although a sign on the Redwood Street building describes the properties as a "prime development parcel," Mr. Chriss said Riggs is not selling a cleared site and is not selling the bed of Mercer Street between the two buildings. That land is owned by the city.

"The buildings are for sale," he said. "Whether somebody tries to renovate them or assemble them [for a new development] is up to them. We are marketing the buildings."

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.