Investment firm T. Rowe Price, which has been headquartered in Baltimore since its founding in 1937, will remain in the city, with plans to move to two newly constructed buildings at Harbor Point when completed in 2024.
T. Rowe Price has been at its current 100 East Pratt St. headquarters since 1975.
T. Rowe Price has signed a letter of intent for a 15-year lease for 450,000 square feet at two buildings at Harbor Point that will be constructed to the firm’s specifications.
The buildings are being developed by Beatty Development Group and Armada Hoffler Properties.
T. Rowe Price is one of Maryland’s largest employers, with more than 5,500 employees in the Baltimore area, including 3,800 at its Owings Mills campus. The headquarters building has about 1,700 employees.
T. Rowe Price will be the sole tenant at the buildings. It provided no details about the actual buildings themselves, saying the design process is now beginning. No groundbreaking date has been set.
The buildings will be on the waterfront in Harbor Point, near Central Plaza.
Harbor Point, located between Harbor East and Fell’s Point, is designated by Maryland as being within a Baltimore City enterprise zone, making T. Rowe Price eligible for property tax credits available to businesses that construct new or substantially improve an existing business property within an enterprise zone.
T. Rowe Price did not pursue any local, county or state incentives for keeping its headquarters in Baltimore, according to company spokesman Brian Lewbart.
The company conducted an extensive headquarters search and considered a number of locations in Baltimore City, as well as staying at its current headquarters location, or consolidating operations on its Owings Mills campus, Lewbart said.
“Relocating to Harbor Point will allow the firm to custom design its buildings with a true commitment to sustainability, in a premier location ideally suited to attract and retain top talent,” T. Rowe Price said in a statement.
T. Rowe Price has $1.3 trillion in client assets under management. It is one of the 15 largest asset management firms in the country.