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News release

BALTIMORE

Potbelly Signs New Lease at One North Charles in Baltimore’s CBD

Retailers following residential units under construction and set for delivery


​BALTIMORE, AUGUST 12, 2015 – An affiliate of True North Management Group LLC (True North) has signed Potbelly to a 10-year retail lease at One North Charles, the 25-story, 290,691-square-foot office building directly adjacent to the Charles Center Metro Rail Station in Baltimore’s central business district (CBD).

JLL Senior Vice President Terri Harrington and Associate Peter Jackson represented True North in this lease transaction. Potbelly was represented by Bill Dickinson and Kristin Perry of Rappaport.

“Potbelly’s commitment to One North Charles, along with Under Armour’s recent announcement that it will open a 40,000-square-foot Performance Center at 10 Light St., continues the good news for Baltimore’s central business district,” said Harrington. “These openings come in anticipation of the numerous residential units under construction and about to be delivered.”

The Baltimore CBD, which had an apartment vacancy rate of just 6.3 percent at the end of the second quarter, currently has more than 2,029 units under construction and an additional 3,451 units in the planning stages, according to the Downtown Partnership of Baltimore. As of May 2015, 2,132 apartment units had already delivered, launching the critical mass needed for the retail market.

Potbelly will occupy 1,673 square feet at One North Charles with an entrance on Charles Street and off the building lobby. JLL is marketing another retail space also fronting Charles with a lobby entrance.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.