Insurance Administration selects its new homeThe Maryland...

Maryland Watch

June 15, 1996

Insurance Administration selects its new home

The Maryland Insurance Administration intends to relocate by next May to a two-story building in the Mount Vernon area of Baltimore, state officials said yesterday.

Under a lease with the owner of 521-545 St. Paul Place, the state will pay $5.7 million to occupy 45,000 square feet there through 2007. The administration will receive 86 parking spaces and the option to purchase the building.

The 259-employee agency is located in the 15-story Stanbalt Building at 501 St. Paul Place, a 74-year-old property with manual elevators and heating and air conditioning problems, state sources said.

The 521 St. Paul project was one of six buildings whose owners responded to a state request for proposals. The others were Stanbalt, Redwood Tower, 307 W. Lexington St., 300 W. Lexington St. and The Baltimore Sun Co., which offered the administration space in the newspaper's six-story 501 N. Calvert St. building.

The insurance administration's agreement is expected to go before the state's Board of Public Works for approval Wednesday.

Pub Date: 6/15/96

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