T. Rowe Price broke ground on its new global headquarters today, over a year after it first announced that it would be relocating from Baltimore’s Central Business District to the up-and-coming Harbor Point neighborhood.
Officials from T. Rowe, Beatty Development Group, the developer on the project, and Armada Properties, the general contractor, spoke at the groundbreaking, as did Baltimore Mayor Brandon Scott. The mayor thanked T. Rowe for its choice to stay in Baltimore, lauded the work the asset management firm has done for the city’s nonprofits and small businesses, and promised to continue partnering with the company in the future.
“Words really can’t do justice to how grateful we are in Baltimore that T. Rowe Price has decided to reaffirm its deep commitment to our great city,” Scott said. “Today with this groundbreaking we are making a statement that we are in this together, that their commitment advances our vision for Baltimore’s renaissance and that this can only be done in true partnership.”
T. Rowe, which celebrates its 85th anniversary this year, has been based in Baltimore since its founding in 1937. It has been in its current location at 100 E. Pratt Street since the building’s construction in 1975.
The new headquarters will include two seven-story buildings linked in the middle by a glass atrium. There will be approximately 550,000 square feet of office space for T. Rowe, as well as an additional 50,000 square feet of retail space on the ground level.
The headquarters will also focus on teamwork, with opportunities for associates to work together in open collaboration spaces, as well as a client conference center, an auditorium, and Point Park, a 4.5-acre green space near the headquarters.
“We’ve learned a lot about how people engage and how people work as we’ve started to return to office and begin to incorporate much of what we learned during the pandemic, in terms of the ability to work virtual and remote,” T. Rowe CEO and President Rob Sharps said. “Ultimately, we think in-person engagement is really important to our culture and our long-term success.”
According to Jonathan Flesher, Beatty Development’s vice president for development, plans for the building have remained essentially unchanged since first announced in December of 2020. COVID-19 also didn’t significantly affect the project, as the Beatty Development team was able to collaborate virtually with other partners.
“We didn’t meet our architects in person for a year and a half. We did everything virtually using, mostly, Zoom, because you have the annotate function right on the screen,” he said.
Flesher also said that the companies made many of their purchases for the project early on, which helped avoid price hikes related to the pandemic and related supply chain issues.
The T. Rowe Price headquarters will be constructed in conjunction with the construction of a nearby block, Michael Beatty, president of Beatty Development said at the groundbreaking. The block will include 550 apartments, another hotel, retail space and 1,250 parking spaces.
“I believe that by 2027, this site that we know as Harbor Point will be fully completed and going forward,” he said. “All that change and all that progress kicks off today, and the catalyst has been T. Rowe Price.”