Legg Mason to sublease 78k square feet

Daily Record Business Writer//January 28, 2013

Legg Mason to sublease 78k square feet

By Melody Simmons

//Daily Record Business Writer

//January 28, 2013

Available April 1: Prime waterfront office space on the city’s gold coast.

Legg Mason officials said they put 78,000 square feet of office space in the company’s signature glass tower in Harbor East up for sublease Monday.

The move will consolidate some of the financial giant’s operations here in Baltimore at a time when its leadership is in flux.

“We have the ability to consolidate some floors and save some costs for the company,” said Mary Athridge, a Legg spokeswoman based in New York.

Athridge said the available office space is on floors 6, 17, and 18. The cost, she added, is negotiable, but the company is seeking up to $25 per square foot for the space, minus other costs.

Legg Mason moved to Harbor East into its sleek, ultra-modern tower in 2009. The company formerly leased space downtown in what is now the Transamerica Tower at 100 Light St..

Altogether, Legg Mason will occupy 372,000 square feet of office space after the downsizing, Athridge said. The company also leases space in the tower to Johns Hopkins University.

On Oct. 1, Legg Mason’s CEO, Mark R. Fetting, resigned after less than five years on the job amid criticism of the company’s performance, including redemptions. Michael Mauboussin, a high-profile investment strategist, left Jan. 2.

Legg Mason is due to announce its fiscal third quarter financial results Friday.


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