McDon­ald’s sells his­toric down­town prop­erty

Baltimore Sun - - BUSINESS MARYLAND - —Natalie Sher­man —The Bal­ti­more Sun

With devel­op­ment loom­ing next door, McDon­ald’s Corp. has sold a his­toric prop­erty in down­town Bal­ti­more for $1.5 mil­lion, ac­cord­ing to land records.

The buyer, 101 East Bal­ti­more Prop­er­ties, shares an ad­dress with the Wash­ing­ton real es­tate in­vest­ment man­age­ment firm Madi­son Mar­quette, one of the com­pa­nies work­ing on the 28-story 1 Light Street of­fice and apart­ment tower in the same block. Madi­son Mar­quette and Metropoli­tan Part­ner­ship Ltd. have been work­ing on plans for the build­ing for more than a year, in­clud­ing erect­ing it around the McDon­ald’s build­ing. Re­cently, it has al­tered de­signs to add of­fice space and re­duce the num­ber of apart­ment units.

Though the de­vel­oper al­ready has de­mol­ished some prop­er­ties on the site, the most re­cent pre­sen­ta­tion to the city’s de­sign panel ended in an­other stale­mate, after con­cerns about land­scap­ing and the re­la­tion­ship be­tween the new tower and the for­mer McDon­ald’s prop­erty, a brick struc­ture in the French Re­nais­sance style. Rep­re­sen­ta­tives of Metropoli­tan and Madi­son Mar­quette did not respond to re­quests for com­ment Mon­day morn­ing about how the 101 East Bal­ti­more ac­qui­si­tion might change the pro­posal, which did not ini­tially in­clude the McDon­ald’s build­ing.

Metropoli­tan is also the de­vel­oper be­hind the con­ver­sion of 10 Light Street into apart­ments. The 419-unit build­ing, which opened last year, is about 55 per­cent leased, ac­cord­ing to a re­cent mar­ket report by Delta As­so­ci­ates.

“Quan­ti­ta­tive im­age anal­y­sis is at the cut­ting edge of cancer re­search,” said David West, CEO of Pros­cia, in the an­nounce­ment.

The an­nounce­ment was made at the Dig­i­tal Pathol­ogy As­so­ci­a­tion’s Pathol­ogy Vi­sions con­fer­ence in San Diego. Pros­cia said its sys­tem al­lows for faster and less costly anal­y­sis of a tis­sue sam­ple by dig­i­tally com­par­ing it to an ar­ray of sim­i­lar sam­ples. The sys­tem is ca­pa­ble of spot­ting minute dif­fer­ences that might not be ob­serv­able by the hu­man eye.

The firm aims to part­ner with aca­demic med­i­cal cen­ters, re­search or­ga­ni­za­tions and bio­phar­ma­ceu­ti­cal com­pa­nies to put its pathol­ogy data­base to use in the fight against cancer. In July, Pros­cia re­ceived $1 mil­lion in seed fund­ing from a group of ven­ture cap­i­tal in­vestors led by Emer­ald Devel­op­ment Man­agers. Other par­tic­i­pants in­cluded Robin Hood Ven­tures, TCP Ven­ture Cap­i­tal and A-Level Cap­i­tal.

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