Brown's Arcade bought by Houston company

Maryland Watch

August 12, 1998

A Houston investment firm has purchased the three-story Brown's Arcade for about $500,000, the first in what is expected to be a series of acquisitions.

Boxer Property plans to acquire seven downtown commercial properties by the end of October, said Andrew Segal, the company's president.

Boxer Property bought Brown's Arcade from Metropolitan Life Insurance Co.

The Brown's Arcade building, at 322-328 N. Charles St., houses Mick O'Shea's Irish Pub. The building is less than 50 percent occupied.

Boxer Property intends to convert the upper floors of the 21,052-square-foot project to offices, which will rent for roughly $9 per square foot.

"Downtown Baltimore has accomplished what every downtown is trying to do," Segal said. "It has all the pieces in place."

Boxer Properties' is entering the Baltimore real estate market at a time that developers are acquiring older buildings and the vacancy rate downtown is shrinking.

Boxer Property, formed in 1992, owns 56 buildings in Texas and Oklahoma.

Pub Date: 8/12/98

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