Maryland's Tallest Building Sells For $121 Million

BALTIMORE (AP) -- Baltimore's Transamerica Tower, the tallest property in Maryland has been purchased for $121 million.

Corporate Office Properties Trust announced Tuesday that it is under contract to purchase the 37-story skyscraper on Light St. from Lexington Realty Trust.

The purchase price is the highest for a Baltimore office building since 2005, when a Georgia real estate investment trust bought 100 E. Pratt St. for a record $207.5 million.

Company CEO Roger A. Waesche Jr. told analysts he expects the company to be able to raise rents for the remaining office space as tenant leases expire, as well as fill retail space in the parking garage building.

The tower is the company's second purchase in downtown Baltimore this year. In March, the firm acquired 250 W. Pratt St. for $63.5 million.

(Copyright 2015 by The Associated Press. All Rights Reserved.)