JLL Arranges $65.7M Refinancing for Thames Street Wharf Office Tower in Baltimore's Harbor Point

BALTIMORE, MD — July 1, 2026 — JLL has arranged a $65.7 million refinancing for Thames Street Wharf, a 263,426-square-foot waterfront office tower located at 1300 Thames St. in Baltimore's Harbor Point district, the firm announced Tuesday.

The five-year loan was arranged on behalf of the borrower, SR Realty Trust, formerly known as Armada Hoffler Properties. The lender was not identified in the announcement. The deal was brokered by JLL's Capital Markets Debt Advisory team, led by Senior Managing Director Scott Aiese and Director Alex Staikos.

A Trophy Asset with Near-Full Occupancy

Built in 2010, Thames Street Wharf is an eight-story, LEED Gold-certified office tower featuring a glass curtain wall exterior and floor-to-ceiling windows overlooking Baltimore's Inner Harbor. The property sits on a 1.27-acre waterfront site and was the first building constructed within Harbor Point, a mixed-use redevelopment of a former industrial brownfield.

The building is 98.8% leased, with Morgan Stanley Real Estate Investing occupying approximately 92% of the rentable square footage. That leasing profile drew significant lender attention, according to JLL.

"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."

Harbor Point and Baltimore's Shifting Office Landscape

Thames Street Wharf's position within Harbor Point places it within what JLL describes as a broader transformation of Baltimore's office market — a shift away from a traditional central business district model toward newly developed mixed-use environments. When fully built out, Harbor Point is expected to encompass 4.5 million square feet of office, retail, multifamily and hospitality uses, alongside 9.5 acres of green space.

JLL noted that the Baltimore Southeast submarket, which includes Harbor Point, has captured the majority of office absorption in the city since 2023. With no new office assets currently under construction in the submarket, existing well-located properties such as Thames Street Wharf are positioned to benefit from continued demand for quality space in mixed-use settings, according to the firm.

AH Realty Trust's Strategic Repositioning

The borrower, AH Realty Trust, rebranded from Armada Hoffler Properties in March 2026 as part of a strategic shift to concentrate on retail and office portfolios. The refinancing of Thames Street Wharf reflects the company's continued involvement in its office holdings as it reshapes its investment focus.

JLL Capital Markets, which arranged the financing, operates a global capital markets platform with more than 3,000 specialists in offices across nearly 50 countries. The group provides debt advisory, investment sales, equity and fund placement, and related services to real estate investors and occupiers worldwide.

About the Firms

JLL (NYSE: JLL) is a global commercial real estate services and investment management company with annual revenue of $26.1 billion and operations in over 80 countries. AH Realty Trust, formerly Armada Hoffler Properties, is a real estate company focused on retail and office assets following its March 2026 rebrand.