What's Happening in Rosedale, MD…

The Transamerica Building, located in downtown Baltimore, is the tallest building in Maryland and has just been sold to Corporate Office Properties (COP), which paid $121m for the tower.

COP's stock actually fell with the purchase, dropping 2.4%. However, Roger A. Waesche Jr., CEO, said he believed buying the tower was the right thing to do, even if some see it as “contrarian”. The fee is the highest paid for a Baltimore office building in 10 years.

This is the second time COP has invested in downtown Baltimore. In March, the company bought the property at 250 West Pratt Street, for which it paid $63.5m. COP is also planning to redevelop parcels located on Canton's waterfront, and remains committed to what it sees as a durable renaissance in Baltimore.

The Transamerica Building is 37 stories high, has 549,300 square feet of rentable space, and at the end of June, was 94% leased. Its main tenants are Transamerica Life Insurance Company, and two law firms: Ober | Kaler, and Miles & Stockbridge. The deal also included a parking garage comprising 560 spaces, located at 30 Light Street. The building itself is at 100 Light Street.

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