State to buy office building in Mount Vernon

August 11, 1994|By Timothy J. Mullaney | Timothy J. Mullaney,Sun Staff Writer

The state Board of Public Works yesterday approved a plan for the state to buy for $2.6 million a 44,200-square-foot Mount Vernon office building it now leases.

The purchase is in line with a state campaign to buy office buildings at advantageous prices in hopes of making long-term savings by eliminating rent payments.

The building, at 211 E. Madison St., is occupied by the state Highway Administration and is owned by Stanbalt Associates.

It is the fourth Baltimore building the state Department of General Services has bought since 1992, when the real estate recession sent the sale prices of commercial buildings sharply lower.

The others are the old Merritt Tower at 6 St. Paul St., recently renamed for Gov. William Donald Schaefer, the Shillman Building at 500 N. Calvert St. and the building at 707 N. Calvert St. The state has also bought buildings in Gaithersburg and Annapolis.

Department of General Services spokesman Dave Humphrey said the deal approved yesterday will save the state $5.3 million in rental costs over the seven years left on the building's existing lease.

Mr. Humphrey said the department expects to close the deal by August 15.

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