Candler Building attracts 16 bids near asking price GE affiliate is selling site at steep discount

April 04, 1996|By Kevin L. McQuaid | Kevin L. McQuaid,SUN STAFF

An affiliate of the General Electric Co. has received 16 offers to purchase the Candler Building, the 12-story office tower downtown that the Connecticut-based conglomerate began marketing in January.

The majority of the bids were submitted by entrepreneurs seeking to take advantage of GE Investment Corp.'s willingness to sell the 111 Market Place property at a steep discount.

The bids all fell within 10 percent of the $22.8 million asking price.

"We hope to have someone in the winner's circle by mid-April," said Philip C. Iglehart, the Colliers Pinkard principal representing GE Investments.

Mr. Iglehart declined to identify any of the prospective purchasers, and GE Investments' executives could not be reached for comment.

Once a buyer is identified, it will take roughly six months before a sale is finalized for the 535,000-square-foot building, one of the largest in the city.

GE Investments decided in January to sell the Candler Building, an 86-year-old structure named after Coca-Cola Co. founder Asa G. Candler, after determining that it would be unable to recoup its nearly $60 million investment because of the weak market in downtown commercial real estate.

The investment firm bought the building in 1986.

The building currently is one-third vacant. Its main occupants include Alexander & Alexander Inc., the Johns Hopkins University and the former Maryland National Mortgage Corp.

Pub Date: 4/04/96

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