JV Plans 450,000-SF Built-to-Suit Baltimore Development
T. Rowe Price will move its global headquarters to the Harbor Point property, which is being developed by Armada Hoffler Properties Inc. and Beatty Development Group.
BALTIMORE, MD – Armada Hoffler Properties Inc. and Beatty Development Group have formed a joint-venture partnership to develop and build a new 450,000-square-foot, global headquarters for T. Rowe Price, in Baltimore.
Beatty Development Group will serve as the lead developer of the built-to-suit project, and Armada Hoffler Properties will serve as the non-controlling equity partner and general contractor.
The project is situated in Baltimore’s largest downtown waterfront development site, Harbor Point, which has capacity for up to three million square feet of mixed-use space across 27 acres of land.
Rowe Price has signed a letter of intent for a 15-year lease for two sustainably-designed and constructed buildings, totaling 450,000 square feet, in Harbor Point. The company plans to relocate its downtown Baltimore operations to Harbor Point in early 2024.
In addition to developing the new global headquarters, the joint-venture partners plan to develop complementary ground-level retail space and limited onsite parking. The partners additionally plan to expand and improve green spaces and public amenities within Harbor Point.
Featuring office, retail, onsite parking and public space improvements, the preliminary estimated cost of the mixed-use-development is $250 million.
The joint-venture partners will additionally develop and build a new mixed-use facility, in conjunction with the build-to-suit project, on a neighboring site that will feature structured parking to accommodate both existing parking requirements and the influx of employees relocating to Harbor Point.
“T. Rowe Price further validates Harbor Point as a top tier destination for world-class companies,” states Lou Haddad, president and CEO of Armada Hoffler Properties. “Alongside Exelon, Morgan Stanley and EY, we are excited to welcome T. Rowe Price and their 1,700 employees currently downtown to Harbor Point.”
The development site is situated adjacent to Armada Hoffler’s existing Harbor Point assets, the Wills Wharf office building, the Thames Street Wharf office building and 1405 Point apartments.
“We look forward to continuing our 25-year partnership with Armada Hoffler in creating an innovative and sustainable global headquarters for T. Rowe Price at Harbor Point,” says Michael Beatty, president of Beatty Development Group.