Vermont Savings building for sale at $2.495 million

COMMERICAL REALTY

September 11, 1991|By Edward Gunts

The former headquarters of Vermont Federal Savings Association at 25 W. Fayette St. has been listed for sale.

Kayne Levin Neilson Bavar Realtors is the listing agent hired to sell the building for HFC Commercial Realty Inc., an affiliate of Household Bank. KLNB partner David Bavar said Household officials previously had tried to sell the building themselves for $3.2 million but recently enlisted KLNB and reduced the asking price.

The eight-story, 48,991-square-foot Vermont Federal building was one of the first office structures built in the 33-acre Charles Center renewal area. It has been vacant since Vermont Federal moved several years ago to less expensive quarters in Timonium.

The thrift subsequently was taken over by federal regulators and acquired by First National Bank of Maryland.

The $2.495 million price tag works out to $50 per square foot. New construction, by contrast, can cost an owner $125 per square foot or more.

Mr. Bavar said he believes the building would be ideal for attorneys, accountants or other groups that would like to own the building they occupy, rather than lease space downtown. The building also has possible retail space at street level and parking nearby, he said.

Other recent KLNB listings include:

* A four-story, 39,000-square-foot office building at 315-319 N. Calvert St., currently used by Maryland National Bank for office, storage and parking space. Maryland National has declared the building to be surplus since its merger with Equitable Bank, Mr. Bavar said, and is asking $849,000.

* A two-level parking structure at 316 Guilford Ave., with parking space for 35 cars. The asking price is $249,500.

* A three-level industrial and parking structure at 407 E. Saratoga St. near Gay Street. A printing company leases space on the first floor, and the upper levels have parking space for 120 to 160 cars. The asking price is $785,000.

A new survey of office rents around the world reveals that Baltimore is the 13th most expensive city in the country for renting office space and the 37th most expensive in the world.

The ranking, by Colliers International Property Consultants, is based on an average rental figure for Baltimore of $20 per square foot. New York City is the costliest U.S. city, with average rents of $37 per square foot, and Washington is the second most costly, with average rents of $34 per square foot. Tokyo is the most expensive market in the world, with rents of $216 per square foot.

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