Colliers Pinkard looks to retain 7 E. Redwood Real estate

September 11, 1997|BY A SUN STAFF WRITER

Pending a final review by the city's real estate office, the board of estimates yesterday awarded a contract to lease and manage a 20-story office building to Colliers Pinkard, just months after the board overturned a decision by the Baltimore Development Corp. that gave the real estate firm the project on a no-bid basis.

Pinkard's tentative contract to manage and lease 7 E. Redwood St. would extend for five years. The firm is expected to receive roughly $500,000 to lease and manage the 157,000-square-foot building, which the city bought as part of a deal to keep Legg Mason Inc.'s headquarters downtown.

The contract calls for Pinkard to provide marketing and leasing, rent collection, lease administration, building maintenance and many other services that are associated with real property asset management.

In May, the board of estimates overturned the BDC's decision to give Pinkard the contract on a no-bid basis.

After opening up the project for bids, the BDC board in July selected Pinkard over five other firms, citing its experience, expertise and proposed fee structure. Pinkard has managed the 72-year-old project for 30 years.

Anthony J. Ambridge, the chief of the city's real estate office, told the board yesterday that the contract was vague. He said some questions about marketing, construction management and transfer of technology needed to be addressed.

Pub Date: 9/11/97

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