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Candler Building in Baltimore sells for $62 million

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Candler Building in Baltimore sells for $62 million

The downtown Baltimore office tower known as the Candler Building has sold to a Virginia firm for $62 million.

American Real Estate Partners of Herndon, Va., closed on the 12-story building at the beginning of February, according to CoStar, a commercial real estate firm that tracks deals.

The roughly 589,000-square-foot building at 111 Market Place was 73 percent leased at the time of the sale, according to CoStar. The property, which claimed Exelon its premier tenant until the energy company moved to Harbor Point last year, still houses firms such as Venable LLP and Johns Hopkins University center. The engineering firm RK&K also has rented space in the property.

American Real Estate Partners said Monday it plans to invest about $8 million renovating the property, focusing on common spaces and the ground floor retail. The firm, which also owns 1 South Street in Baltimore, plans to create new storefronts with patio seating.