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Groundbreaking of new T. Rowe Price HQ is hailed as "catalyst" for Harbor Point

Groundbreaking on new T. Rowe Price headquarters
Posted at 4:56 PM, Mar 29, 2022
and last updated 2022-03-29 16:56:36-04

BALTIMORE — As much of Baltimore's energy shifts away from the traditional downtown and toward the booming Harbor East area, T. Rowe Price has officially joined the move by breaking ground today on a new 550,000-square-foot global headquarters in Harbor Point.

The new headquarters demonstrates a deep commitment to Baltimore City for T. Rowe Price, which is marking its 85th year and has offices in 16 countries, said president/CEO Rob Sharps and Mayor Brandon Scott.

"Our commitment to Baltimore has remained constant," said Sharps at the groundbreaking, adding that the decision to move to Harbor Point was partly for "the well-being of our associates, the chance to custom-design buildings to suit our needs, and the opportunity to be in this beautiful location, which we believe will help us attract and retain top talent."

The new building, which is set to open in 2024, was also hailed as being a catalyst for more up-and-coming development - a new 4.5-acre waterfront Point Park, and another block nearby with more than 550 apartments, a hotel and more retail space.

"When I moved to this area in 1990, it was different. It was actually pretty bleak," said Michael Beatty of Beatty Development Group, which helped build Harbor Point. He said the current phase of Harbor Point alone required nearly half a billion dollars of investment.

Beatty said he believes Harbor Point will be completed by 2027, and "the catalyst has been T. Rowe Price."

Louis Haddad, president and CEO of Armada Hoffler Properties, noted his company has invested more than $600 million in Harbor Point; Armada Hoffler owns the four buildings on the campus. Combined with T. Rowe Price, Armada Hoffler will have invested almost a billion dollars.

Mayor Scott, meanwhile, said the city will work to make their investment worthwhile.

"I promise that we will continue to work hard to ensure a positive return on the investment that you are making into our city," he told T. Rowe Price. Scott thanked the company "for believing in Baltimore, for betting on Baltimore."