T. Rowe Price Group Inc. says it’s in downtown Baltimore for the long haul

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[An earlier version of this post said Batteries Plus Bulbs was the largest chain in the U.S. to sell batteries, but as its name makes clear, it sells bulbs as well. The company says battery replacement is a $30.7 billion market in the U.S. and light bulbs are a $17 billion market.]

T. Rowe Price Group Inc. says it’s in downtown Baltimore for the long haul.

The investment management firm announced Thursday it would remain at 100 E. Pratt St., as per a recently signed a letter of intent to negotiate a new lease there.

The decision will keep T. Rowe’s global headquarters and nearly 1,300 employees downtown through 2027.

Speculation that the firm had explored moving to new digs in either Harbor Point or suburban Owings Mills had swirled for quite some time.

Moving to the waterfront at Harbor Point, near the new headquarters for energy giant Exelon Corp., might have meant a wait of up to three years for a new home. It has been nearly two years since Exelon announced the selection of that site for its headquarters, and there have been months of controversy over the granting of millions of dollars in public incentives for infrastructure there and environmental concerns over toxic chromium left at the site by a former owner, Allied Signal.

T. Rowe has a 32-acre satellite office near the swank Metro Centre now under construction in Owings Mills, and some thought its corporate chiefs might be considering expanding the campus to house the entire operation. That appears to have been nixed, too.

T. Rowe Price’s decision to stay put — it’s been in the space since 1975 — means its current lease with property owner Columbia Property Trust, set to expire on June 30, 2017, will be extended another 10 years.

The new pact covers 427,000 square feet of office space, including additional space and the T. Rowe Price Investor Center on the northeast corner of Calvert and Lombard streets.

“Signing this letter of intent signals our ongoing commitment to downtown and the City of Baltimore, which has been our home since our founding in 1937,” T. Rowe President and CEO James A.C. Kennedy said in a statement.

“We’re proud of our city, and on behalf of our associates we’re pleased to be able to continue our presence here for years to come.”

Price said key factors in remaining downtown included the suitability of the building, the local amenities, traffic and commuting access, and proximity to Penn Station and Baltimore/Washington International Thurgood Marshall Airport.

Mayor Stephanie Rawlings-Blake said she was thrilled the corporation was remaining in the city.

“T. Rowe Price has a long history of civic leadership and is a key centerpiece of our local economy,” the mayor said in a statement. “We applaud their continued investment in the city and look forward to building on our strong partnership.”

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In the wretched and ongoing saga of residential foreclosures, what’s happening in Maryland in the wake of November data released this week has led to some strange public relations spin.

RealtyTrac, a national foreclosure data company, released figures Thursday that listed the state as one of 15 whose foreclosure starts had increased over last year’s — by 74 percent — making Maryland one of the states with the highest foreclosure rates in the U.S., along with Florida, South Carolina and Illinois.

Maryland joined Pennsylvania, which jumped 233 percent since last November, Delaware, up 104 percent, Oregon, up 38 percent and Connecticut, up 37 percent.

Nevertheless, state housing Secretary Raymond A. Skinner released a statement that extolled the ranking.

“We are pleased to see the volume of foreclosures in Maryland fall to the lowest level in five months,” Skinner’s statement said.

“Although the numbers are still too high, this is a positive indication that lenders continue to work through their backlog of seriously delinquent loans. Few states have done more than Maryland to help families avoid foreclosure. We rank among the national leaders in housing counseling, and in helping beleaguered homeowners get loan modifications under the Home Affordable Modification Program and refinancing under the Home Affordable Refinance Program.

“In Maryland, we remain committed to doing everything we can to ensure that families in financial distress receive the assistance they need to find sustainable alternatives to losing their homes.”

Overall, RealtyTrac’s November 2013 report said, one in every 1,155 housing units in the U.S. had a foreclosure filing during the month.

The filings measured are default notices, scheduled auctions and bank repossessions. Last month, RealtyTrac said, they were reported on a total of 113,454 properties nationwide, a 15 percent decrease over October and a 37 percent decline over November 2012 figures.

Baltimore’s foreclosure rates were also among the top 20 large metro areas in the U.S. beside Miami, Tampa and Chicago. The city’s foreclosure statistics last month reflected a 46 percent increase over November 2012, RealtyTrac said.

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The site of the former Raytheon building on East Joppa Road near Towson’s central core may soon be razed to make way for a mixed-use development.

Meetings this week revealed drawings for the project, to be called Loch Raven Commons. Plans call for close to 200 market-rate apartments and retail and commercial space by the Wilmington, Del.-based developer, the Buccini/Pollin Group Inc.

The apartment units will be in buildings that will stretch about five stories.

The plans, unveiled by Baltimore County Councilman David Marks, must be aired in public meetings over the upcoming year as part of a planned unit development, or PUD, process.

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Want to light up your life?

Batteries Plus Bulbs has just opened a new store at 11813 Reisterstown Road. Batteries are a $30 billion market and light bulbs a $17 billion market.

The local franchise is the second in the metro area and offers more than 45,000 different kinds of batteries, light bulbs and energy-related accessories. Overall, there are more than 590 locations in 46 states.

Store operator Dustin Myers said in a statement that Batteries Plus Bulbs promises customers service, category expertise and a comprehensive product line, plus “our undivided attention, walking them up and down aisles filled with thousands of batteries and light bulbs.”

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TIDBITS: James F. Knott Jr. was introduced Thursday as the new president of NAIOP Maryland, the commercial real estate development association. His term will last two years. Knott, 35, is president of Knott Realty Group in Timonium … The Glen Meadows Retirement Community in Glen Arm recently installed a 1.2-megawatt solar power system, one of the largest installations in the metro area. ABM commissioned the 4,150-panel array that is owned by Washington Gas Energy Systems. Glen Meadows is part of the Presbyterian Senior Living community … Saturday at 6 p.m., plan to attend the downtown Power Plant Live’s “Rock the Dock Family Holiday Bash” at the harbor. The event includes music by the Rocknoceros band, arts and crafts, ornament-making booths and free photos with Santa … The Tower Cos. of Rockville recently signed Baltimore-based Design Collective Inc. to create a design for a pair of high-rise residential towers in the 27-acre Blairs Redevelopment in downtown Silver Spring. The buildings will rise up to 18 stories along Eastern Avenue … The 2,300 residents of the Charlestown retirement community in Catonsville recently passed the hat and collected $191,536 toward a “staff appreciation fund” for the 935 workers on the campus who are paid hourly wages to work in dining, health and general services departments … Santa is making a special visit to Cross Street Market Saturday at noon as part of the development’s special holiday celebration … North American Communications Resource Inc. recently leased 2,051 square feet of office space for its business communications operations at 6021 University Blvd. in Ellicott City from Merritt Properties … Tri-State Commercial Moving Inc. recently inked a deal to lease 11,500 square feet of office and warehouse space at 719 Hammonds Ferry Road in Linthicum.