Deal nears for Legg Mason tower in Harbor East
H&S Properties Development Corp. is close to selling a stake in the Legg Mason building in Harbor East. The firm, which put the 24-story blue-glass tower on the market last year, saying it was looking for a joint venture partner, confirmed Thursday that it is drawing closer to a deal.
CBRE, the brokerage that was marketing the property, lists it as “under contract” on its website. A spokeswoman for H&S declined to name the partner and deal terms and said a closing date has not been established. She said the firm will retain “an active and significant” ownership and management interest in the building, constructed in 2009.
A deal is intended to provide H&S with new capital for Harbor East, where the developer and partners recently broke ground on a new building.
“We are committed to ensuring the long-term success of our properties, with a focused vision of advancing Baltimore City as a whole,” spokeswoman Megan McCloskey wrote in an email. “H&S Properties Development Corp. and their partners are, and will continue to be, long-term holders of real estate who will continue to invest in Baltimore City.”
H&S is controlled by the family of the late John Paterakis Sr., who led redevelopment in Harbor East. The city renamed the roundabout at the center of the neighborhood for him on Thursday.
Kevin Johnson, who was named president and chief operating officer last year, will be CEO as of April 3.
Schultz, 63, is credited with turning around Starbucks’ fortunes since returning as its CEO in 2008. He has overseen the expansion of the chain’s food and beverage offerings and the growth of its popular loyalty program and mobile app. Starbucks has credited the rewards program and app for helping consistently increase sales in the U.S., although growth has slowed recently and traffic slipped in the latest quarter.
Shares of Starbucks slid 3.6 percent to $56.44 in after-hours trading. other, of course, is the White House.
Whether he’ll need to relinquish his stake in the Trump International Hotel in Washington could come down to how a few words on a lease are interpreted.
Trump negotiated for more than a year to secure the rights to use the governmentowned building where the hotel is now housed. The resulting lease itself runs for hundreds of complicated pages. But Clause 37.19 on top of page 103 has suddenly become the subject of heated discussion among experts on government contracting law, and not a few Trump critics.
If the assessment of some of the experts are correct, the first 43 words of this clause could force Trump to unload his equity stake in the hotel just down the street from the White House. The key part: No “elected official of the Government of the United States” shall be “admitted to any share or part of this Lease.”
The Trump Organization did not respond to emails asking for comment.