Expansion Follows Continued Growth of Firm's Retail and Retirement Plan
Businesses
COLORADO SPRINGS, Colo., June 28 /PRNewswire-FirstCall/ -- Global
investment management firm T. Rowe Price plans to double the size of its
facilities in Colorado Springs with the construction of a second building
on its campus at 2260 Briargate Parkway. Preliminary work on the new $55
million, three-story, 145,000 square foot building, which will be similar
in design to the current 145,000 square foot facility, will start in July.
Following appropriate city permitting and review, construction is expected
to start this fall and be complete by the end of 2007. The new building and
related parking structure will accommodate 650 associates, bringing
capacity at the Colorado Springs campus to nearly 1,400 associates.
T. Rowe Price currently employs more than 500 people in Colorado
Springs. At complete build-out the 31-acre site has the potential to
accommodate four buildings and approximately 2,000 associates. Since it
first opened a Colorado Springs office in November 1998, the firm has grown
from less than $150 billion in assets under management to $292.9 billion as
of March 31, 2006.
"The expansion of the Colorado Springs Investment Services Center
reflects the substantial growth of the firm in recent years, and will
enhance our ability to provide world class service to the millions of
individual investors and retirement plan participants who invest with T.
Rowe Price," said Edward C. Bernard, chairman of T. Rowe Price Investment
Services. "We have always planned to expand in Colorado Springs, and
doubling our space now will enable us to accommodate the continued growth
of the business that we expect to see in the coming years."
"Colorado Springs has been a great location for us and we have been
very pleased with the support of the community and the caliber of employees
we have been able to attract and retain," said Chris Hufman, vice president
of T. Rowe Price Services and general manager of the Colorado Springs
Investment Services Center. "Factors such as the labor market and quality
of life that were instrumental in our initial decision to locate in
Colorado Springs continue to be in place today and have made it easier to
find associates who are a strong fit with our culture and thrive in a
service-oriented environment that puts the interests of clients first."
"This is excellent news for Colorado Springs," commented Mike
Kazmierski, president and CEO of The Greater Colorado Springs Economic
Development Corporation. "We assisted T. Rowe Price when the company first
came to the area in 1998 so it is gratifying to know that our quality
workforce and community support has contributed to this decision to expand.
T. Rowe Price has been an outstanding employer and corporate citizen and we
thank T. Rowe Price for this renewed commitment to Colorado Springs."
Employees in Colorado Springs include shareholder service
representatives who manage accounts for and provide investment guidance to
individual investors, service associates who handle transactions for and
take calls from retirement plan participants, information technology
professionals, 401(k) plan administrators, and related support staff.
Individuals interested in employment can view available job openings at
http://www.troweprice.com/careers.
T. Rowe Price's Colorado Springs facility complements similar
operations centers in Owings Mills, Md. and Tampa, Fla., giving the firm
substantial flexibility in servicing investors throughout the United
States, as well as enhanced capability to serve the investment and
administrative needs of the firm's shareholders and clients located in the
western states.
Founded in 1937, Baltimore-based T. Rowe Price (Nasdaq: TROW) is a
global investment management firm that provides a broad array of mutual
funds, sub- advisory services, and separate account management for
individual and institutional investors, financial intermediaries, and
retirement plans. The company also offers a variety of sophisticated
investment planning and guidance tools. T. Rowe Price's disciplined,
risk-aware investment approach focuses on diversification, style
consistency, and fundamental research. More information is available at
http://www.troweprice.com.
SOURCE T. Rowe Price
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Related links:
http://www.troweprice.com
CONTACT:
Brian Lewbart, +1-410-345-2242, Steve
Norwitz, +1-410-345-2124 and Chris Hufman, +1-719-278-6565, all
of T. Rowe Price
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