Business

T. Rowe Price Moves Into 550 KSF Headquarters

3 hours ago admin

Beatty Development Group and Armada Hoffler Properties are behind this project. The post T. Rowe Price Moves Into 550 KSF Headquarters appeared first on Commercial Property Executive.

Investment giant T. Rowe Price has opened its new 550,000-square-foot headquarters at 1307 Point St. in the Harbor Point waterfront district of Baltimore. The building also includes about 60,000 of retail space on the ground floor.

Atrium at 1307 Point St., the new T. Rowe Price headquarters in Baltimore. *Image courtesy of T. Rowe Price*

A number of the firm’s employees have already started moving in, with a complete relocation to the new headquarters slated for the next few weeks. In total, about 2,000 T. Rowe Price employees will work in the building.

Beatty Development Group, which is the master developer of the 27-acre Harbor Point mixed-use project, worked in partnership with Armada Hoffler Properties to develop 1307 Point St. building. Armada Hoffler was also the general contractor for the office property.

A $180.3 million loan originated by Manufacturers and Traders Trust Co. facilitated the project’s development, according to CommercialEdge. The loan has a maturity date of January 2026.

The LEED-certified building includes meeting spaces, a client conference center, an auditorium, rooftop terrace and floor-to-ceiling windows providing natural light and panoramic views of the harbor. The position of the project creates a walkable connection to Point Park, a new 4.5-acre public waterfront park.

The building features a water harvesting system that will save about 1.5 million gallons of potable water annually. By using rainwater in the flush fixtures of the building, potable water usage will be reduced by more than half.

Kohn Pedersen Fox designed the base of the building and Beatty Harvey Coco was the architect for the remainder of the property. Baltimore-based Gensler served as interior designer for the project. Engineer teams included JDB Engineering and Allen + Shariff.

Baltimore’s office market activity

The office market in Baltimore currently is seeing positive absorption, with more than 550,000 square feet signed up for during the fourth quarter of 2024, according to Cushman & Wakefield data. Most (91.4 percent) of the leasing activity took place in the CBD, and 72 percent was for Class A space.

The new T. Rowe Price headquarters is part of Phase III of Beatty Development Group’s Harbor Point development. Plans for that phase also include a mixed-use component that will deliver 500 or more residential units, about 60,000 square feet of retail space and a 159-key extended-stay hotel.

The 1307 Point St. building is among the largest recently delivered office projects in Greater Baltimore. During 2024, another key completion was 550 National Business Parkway, which totals about 122,000 square feet.

The post T. Rowe Price Moves Into 550 KSF Headquarters appeared first on Commercial Property Executive.