T. Rowe Price has officially begun construction of its new 550,000 SF global headquarters at Harbor Point, set to open in 2024. Located at 1307 Point Street, the design will support T. Rowe Price’s collaborative culture with spaces to gather for meetings of all sizes, including a client conference center and an auditorium, and will help the firm attract and retain top talent.
“We’re excited to break ground on our new headquarters during the firm’s 85th anniversary year,” said T. Rowe Price’s CEO and President Rob Sharps. “We have been in Baltimore since 1937, and we remain committed to supporting our community and creating a sustainable environment for our associates to thrive.”
“I am grateful for T. Rowe Price’s decision to commit to Baltimore,” said Mayor Brandon M. Scott. “With this groundbreaking, they are making a bold statement that they are here to stay and share our vision for Baltimore’s renaissance. We will build on this as we look to continue to advance our city’s economic potential.”
Composed of two seven-story sustainable buildings linked by an all-glass lobby atrium, the new headquarters takes advantage of its premier location along the waterfront. The pedestrian-scaled structures feature a timeless design that incorporates wood, stone, and other natural materials complemented by indoor plantings at the entrance. Large windows throughout the buildings offer expansive views of the harbor and bring natural light into the interior spaces. The massing and position of the project creates a walkable connection between the site’s central plaza and Point Park, a new 4.5-acre public waterfront park that will quickly become a downtown landmark.
The new building will feature a water harvesting system that will save approximately 1.55 million gallons of potable water annually, contributing to its proposed goal of LEED Platinum status for commercial interiors. By using rainwater in the flush fixtures of the building, the potable water usage will be reduced by more than 50% and ultimately create a positive impact on the health of the Chesapeake Bay. Additionally, the company is pursuing a three-star Fitwel certification – its highest level – for the building’s interior to enhance the employee experience. Fitwel scorecards use 55+ evidence-based design and operational strategies that enhance buildings by addressing a broad range of health behaviors and risks.
The new headquarters site is being developed by Beatty Development Group, the master developer of the 27-acre Harbor Point, in partnership with Armada Hoffler Properties. Armada Hoffler is also the general contractor for the project. Other members of the development team include:
Base Building Architects – Kohn Pedersen Fox (KPF)
Developer Architects – Beatty Harvey Coco (BHC)
Base Building Mechanical, Electrical and Plumbing Engineers – JDB Engineering
Program Management – Jones Lang LaSalle
Interior Architects – Gensler
Interiors MEP Engineer – Allen + Shariff
Nearly 1,600 jobs will be created during the construction phase of the project, and special opportunities will be available for diverse and women-owned businesses. Co-developers Beatty Development Group and Armada Hoffler have a long history of meeting and often exceeding Baltimore City hiring goals.
The T. Rowe Price groundbreaking kicks off the start of Phase III at Harbor Point. In addition to the T. Rowe Price global headquarters, Phase III also includes the mixed-use Parcel 4, and Point Park. Ultimately, Phase III will deliver 550,000 SF of new office space, 500+ new residential units, approximately 60,000 SF of new retail space, a new 159-key extended-stay hotel, and 4.5 acres of new open park space.
“This is an exciting and ambitious chapter in Harbor Point’s history,” said Michael Beatty, President, Beatty Development Group. “All that change kicks off with this groundbreaking today, and the catalyst has been T. Rowe Price. Their absolute dedication to their people, their commitment to creating positive change in their communities, and their desire to continue building on a strong company culture right here in Baltimore have led them here to Harbor Point.”