BALTIMORE, Nov. 15, 2013 /PRNewswire/ -- Transwestern today announced New York-based JK Equities LLC (also known as Equitable Development), has acquired the 225,000-square-foot Equitable Office Building located at the intersection of Calvert and Fayette Streets.
Transwestern Vice Presidents Leo McDermott and Kasey Hughes represented the seller, while Kadima Realty represented the buyer.
"This purchase is yet another example of the growing acceptance of and desire for a 24/7 urban lifestyle among developers, investors and residents within downtown Baltimore," said McDermott.
The mixed-use building was constructed in 1891 and is listed on the National Register of Historic Properties. According to Jerry Karlik of JK Equities, the building will be converted into 180 market rate rental apartments while maintaining the existing retail tenants, with expected occupancy in March 2015.
ABOUT J.K. EQUITIES LLC
JK Equities LLC (www.jkequities.com) is a private real estate company focusing on acquiring, developing and operating real estate throughout the United States. The company's goal is to acquire well situated, quality assets in urban and metropolitan areas with strong underlying economic fundamentals. The Principals of JK Equities have been in the real estate business for over 40 years. Their business philosophy is to provide attractive risk adjusted returns primarily through below market opportunistic acquisitions, asset appreciation and asset redevelopment. JK Equities, LLC has owned, operated and developed property in more than 15 states valued close to $1.0 billion.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 34 U.S. offices and assists clients through more than 181 offices in 40 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.