Armada Hoffler, Beatty Development to Build $250M Headquarters for T. Rowe Price in Baltimore
BALTIMORE — A joint venture between Armada Hoffler Properties and Beatty Development Group has unveiled plans for T. Rowe Price’s new office headquarters in Baltimore’s Harbor Point for $250 million.
Plans call for the property to span 450,000 square feet and include ground-level retail space, parking and expanded green spaces. T. Rowe Price expects to move its 1,700 employees into the space in the first half of 2024. The initial lease is for 15 years.
T. Rowe Price was founded in Baltimore in 1963 and has been headquartered at 100 E. Pratt St. in downtown Baltimore since 1975. According to the Baltimore Sun, T. Rowe Price signed a 10-year lease renewal at 100 E. Pratt in 2017. The newspaper cited T. Rowe Price’s concerns over safety and traffic as the main reasons for the global investment management firm’s move away from downtown. Harbor Point is situated along Patapsco River, two miles south of T. Rowe Price’s current headquarters.
Other Armada Hoffler projects within Harbor Point include office buildings Wills Wharf and Thames Street Wharf, and 1405 Point Apartments.
“T. Rowe Price further validates Harbor Point as a top-tier destination for world-class companies,” says Lou Haddad, president & CEO of Armada Hoffler. “Alongside Exelon, Morgan Stanley and Ernst & Young, we are excited to welcome T. Rowe Price and their 1,700 employees currently downtown to Harbor Point.”
— Alex Tostado