T. Rowe Price Breaks Ground on New Baltimore HQ

Rendering of 1307 Point St. Image courtesy of T. Rowe Price Group Inc.

T. Rowe Price Group Inc. has begun construction of its new 550,000-square-foot global headquarters at 1307 Point St. in Baltimore’s Harbor Point area. The new building is scheduled to open in 2024.

The project consists of two seven-story buildings linked by an all-glass lobby atrium along Baltimore’s waterfront. It’s being developed by Beatty Development Group, the master developer of the 27-acre Harbor Point, in partnership with Armada Hoffler Properties, which is also the general contractor.

The architects are Kohn Pedersen Fox, Beatty Harvey Coco and Gensler. JLL is the program manager, and JDB Engineering and Allen & Shariff are the mechanical, electrical and plumbing engineers.

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A T. Rowe Price spokesperson confirmed to Commercial Property Executive that the dollar amount for the project is not being disclosed.

In a prepared statement, T. Rowe Price CEO & President Rob Sharps noted that this is the firm’s 85th anniversary year.

Rendering of 1307 Point St. Image courtesy of T. Rowe Price Group Inc.

The project is targeting LEED Platinum certification and three-star Fitwel certification, its highest level, for the interior, so its green features will be significant. The building will include a water-harvesting system that reportedly will save about 1.5 million gallons of potable water annually. The use of rainwater in the building’s flush fixtures will reduce potable water consumption by more than 50 percent.

The company’s current headquarters is at 100 E. Pratt St. in downtown Baltimore, roughly a mile as the crow flies, across the Inner Harbor, from the new headquarters site.

Contrary winds

“Lingering impacts from the health crisis are still hindering office fundamentals” in metro Baltimore, as development accelerates even while leasing activity lags, according to a 2022 investment forecast from Marcus & Millichap.

Despite five straight quarters of negative net absorption and rising vacancy, office transaction volume increased in 2021, and average sales prices were up by almost 5 percent from the previous year.

Marcus & Millichap predicts that “Investor demand in downtown Baltimore will likely elevate as the market moves further into recovery and return-to-office timelines become more certain.”

In February of last year, 28 Walker Development announced plans for 40TEN, Baltimore’s first heavy-timber office building. The 125,000-square-foot, five-story speculative structure is at 4010 Boston St.