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SOURCE Laurus Corporation
-- Acquisition marks Laurus' second in Baltimore market; eighth capital allocation from Laurus' Ethika fund --
BALTIMORE, Jan. 13, 2014 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, has announced the acquisition of Charles Center South in Baltimore, MD. The iconic 25-story Class-A office building is located at one of the most recognizable intersections in Baltimore's Central Business District (CBD), the corner of Lombard Street and Charles Street. The Center boasts 294,274 square feet of attractive modern decor and spacious floor plans. Originally built in 1975, the complex has undergone multiple renovations over the past decade to create premier downtown office space. The stunning property features many desirable amenities, including an on-site gym, deli, concierge service, conference center and a 120-car underground parking garage.
Part of the CBD's ten million square foot Class-A inventory, the landmark building is less than one block from Baltimore's Inner Harbor, the foremost tourist attraction in Maryland with 14 million visitors annually and featuring dozens of restaurants, retail outlets and entertainment venues. The Downtown Baltimore location is within walking distance of 23 hotels with more than 6,000 guest rooms, numerous restaurants, retail and cultural attractions, and sports and entertainment venues. Charles Center South is home to the U.S. Attorney's office in Baltimore and also near a number of Federal Government agencies, the Baltimore Convention Center and the Federal Courthouse.
"By investing in upgrades to the building's finishes and amenities, we will make 36 South Charles the ideal workplace environment for Baltimore's preeminent firms," said Philip Cyburt, Chief Executive Officer of Laurus Corporation.
"Downtown Baltimore is continuing its evolution as an urban core with a fantastic live-work environment. The CBD population has more than doubled in the past 15 years and new residential and retail developments are moving the city toward a true 24-hour environment. With a nearly $2.5 trillion projected in capital investments in downtown over the next decade, the level of positive economic activity surrounding Charles Center South is impressive and will add tremendous value in coming years," added Austin Khan, Chief Investment Officer of Laurus Corporation.
Home to major financial services firms including Legg Mason, T. Rowe Price and Alex. Brown, the second largest seaport in the United States and the world-renowned medical center at Johns Hopkins University, Baltimore continues to gain global prominence as an important anchor of commerce, technology and education.
Charles Center South is located at 36 South Charles Street, Baltimore, MD 21201.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.
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