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Rating:A $1.3T-AUM Firm Prepares to Move a Mile Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, December 01, 2020

A $1.3T-AUM Firm Prepares to Move a Mile

Reported by Katherine Robertson

A $1.3-trillion-AUM, publicly traded asset manager's headquarters will be moving in a few years ... but they won't be going too far.

The team at T. Rowe Price [profile] has plans to build a more sustainable, global headquarters located in Harbor Point. Although the firm is staying in downtown Baltimore (the firm's current HQ is at 100 East Pratt Street in Baltimore's Inner Harbor, about a mile away), the long-term lease details that the headquarters will include two newly built "green" buildings constructed to meet the firm's specific sustainability and collaborative needs. The relocation is set to take place in 2024, with Beatty Development Group serving as the developer and Armada Hoffler Properties as the general contractor.

"In Harbor Point, we will have a vibrant campus-like atmosphere, with top-notch amenities and modern spaces designed to support the collaborative way we work with each other and with our clients," states Bill Stromberg, president and CEO of T. Rowe.

T. Rowe has about 1,700 employees in its current headquarters, the Baltimore Sun reports, and they also have a big presence (which they're keeping) in Owings Mills, Maryland. (According to T. Rowe's Q3 2020 earnings report, the firm had 7,635 employees as of September 30.) Their lease in Baltimore's Inner Harbor, which was renewed back in 2013, goes through 2027.

When asked about the specific sustainable measures features of the planned HQ, Brian Lewbart, spokesperson for T. Rowe, wrote to MFWire that it's "too early to provide any details. The design process is just getting underway."

"The reasons for the move are really about allowing us to create customized space that best meets our needs and supports the firm's collaborative culture," Lewbart writes to MFWire. "Harbor Point is a vibrant and growing waterfront neighborhood — with many amenities and services; ample green spaces; views of the harbor; and a campus-like atmosphere that seamlessly blends offices, retail, dining, and fitness options as well as residences and hotels in a dynamic and unique urban hub."

T. Rowe has been Baltimore-based since its founding in 1937, and they've been in their current HQ since 1975. 

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