VIRGINIA BEACH, Va., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Armada Hoffler Properties, Inc. (NYSE: AHH) today announced it has formed a 50/50 joint venture with Beatty Development Group, which will develop and build T. Rowe Price’s new 450,000 square foot global headquarters in Baltimore’s Harbor Point. Beatty is the lead developer of the joint venture and Armada Hoffler is the noncontrolling equity partner and general contractor for the build-to-suit project.
Situated between Harbor East and Fell’s Point, Harbor Point is Baltimore’s largest downtown waterfront development site with capacity for up to three million square feet of mixed-use space on 27 acres. T. Rowe Price has signed a letter of intent for a 15-year lease at Harbor Point for two sustainably designed and constructed buildings totaling approximately 450,000 square feet. The T. Rowe Price site is adjacent to Armada Hoffler’s existing Harbor Point assets: the Wills Wharf office building, the Thames Street Wharf office building, and 1405 Point apartments. In addition to T. Rowe Price’s new global headquarters, the joint venture plans to develop complementary ground level retail and limited onsite parking as well as expand and improve the green spaces and public amenities at Harbor Point. The preliminary estimated cost of this entire phase of mixed-use development – office, retail, onsite parking, and public space improvements – is approximately $250 million.
In conjunction with the build-to-suit project, another joint venture between Beatty and Armada Hoffler will develop and build a new mixed-use facility with structured parking on a neighboring site to accommodate both existing parking requirements and the influx of employees relocating to Harbor Point. T. Rowe Price plans to relocate its downtown Baltimore operations to Harbor Point in the first half of 2024.
“T. Rowe Price further validates Harbor Point as a top tier destination for world-class companies,” said Lou Haddad, President & CEO of Armada Hoffler Properties. “Alongside Exelon, Morgan Stanley, and EY, we are excited to welcome T. Rowe Price and their 1,700 employees currently downtown to Harbor Point.”
“We look forward to continuing our 25-year partnership with Armada Hoffler in creating an innovative and sustainable global headquarters for T. Rowe Price at Harbor Point,” said Michael Beatty, President of Beatty Development Group.
About Armada Hoffler Properties, Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) (the “Company”) is a vertically-integrated, self-managed real estate investment trust ("REIT") with four decades of experience developing, building, acquiring, and managing high-quality, institutional-grade office, retail, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States. In addition to developing and building properties for its own account, the Company also provides development and general contracting construction services to third-party clients. Founded in 1979 by Daniel A. Hoffler, the Company has elected to be taxed as a REIT for U.S. federal income tax purposes. For more information, visit ArmadaHoffler.com.
