Future Pandora HQ on the market

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One of the most distinctive office buildings in Baltimore‘s skyline is for sale.

Christopher Abramson, senior director of capital markets for Cushman & Wakefield in Baltimore, confirmed 250 W. Pratt St. has been put on the market in the last week by Dallas-Based TIER REIT.

“It’s just a Class A asset. It’s timeless,” Abramson said.

He said there isn’t an asking price for the 368,000-square-foot building but expects it to sell by the end of the year. The building last sold in 2004 for $51.8 million, according to state property tax records.

The property was recently in the news when it was announced in July that Pandora Jewelry signed a lease for 87,265 square feet of space over five floors of the 24-story building.

The company plans to relocate its regional headquarters from Howard County to the building in the first quarter of next year. The building will also be branded with back lit Pandora logos that will be illuminated with orange or purple lights to show support for the Orioles and Ravens, the city’s professional sports teams.

Abramson said that having a high profile tenant, in addition to the high occupancy rate, will make the building that much more attractive to potential investors.

“It helps make our sales job a lot easier,” he said.

The building is currently about 95 percent occupied and features amenities such as a fitness center and employee cafe. The downtown office market has become increasingly tight. This spring the Downtown Partnership of Baltimore reported the vacancy rate had fallen from to 16.1 percent from 17.8 percent the year before.

Abramson said he also believes the location of the building in the Central Business District, near several transportation options and at the heart of the city’s cultural center also make the building, which was completed in 1985, a very attractive property. But its secret weapon may be the views overlooking the city and Oriole Park at Camden Yards.

“I think the views are unrivaled,” he said.