$65.7M refinancing arranged for trophy office building in Baltimore

NEW YORK, NY, Jul. 1, 2026 – JLL Capital Markets announced today that it has arranged a $65.7 million refinancing for Thames Street Wharf, a trophy office building totaling 263,426 square feet in Baltimore, Maryland.

JLL arranged a five-year loan on behalf of the borrower, AH Realty Trust, formerly known as Armada Hoffler Properties. Armada Hoffler Properties rebranded to AH Realty Trust in March 2026, alongside a strategic shift to focus on retail and office portfolios.

Built in 2010, Thames Street Wharf is a LEED Gold-certified, eight-story tower featuring an exterior glass curtain wall and floor-to-ceiling windows that offer views of Baltimore’s Inner Harbor and surrounding areas. The property is 98.8% leased and is anchored by Morgan Stanley, who occupies 92% of the rentable square footage.

Thames Street Wharf is positioned on a 1.27-acre waterfront site and was the first property to be built within Harbor Point, a mixed-use development of a former industrial brownfield. When fully built out, Harbor Point will feature 4.5 million square feet of office, retail, multifamily and hospitality uses alongside 9.5 acres of green space.

Baltimore’s office market is going through a generational transformation from a traditional, office-centric central business district to newly developed mixed-use environments like Harbor Point. As such, the Baltimore Southeast submarket, which Thames Street Wharf is a part of, has seen the majority of the office absorption since 2023 and with no new assets under construction, should continue to benefit from the flight-to-quality and mixed-use movement.

JLL’s Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Scott Aiese and Director Alex Staikos.

“The debt markets in 2026 are open and active across most lender types and asset classes, including office,” said Aiese. "This transaction generated strong lender interest due to the exceptional quality of the asset and AH Realty Trust’s solid track record as a borrower."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.