Letter of Intent for Long-Term Lease Would Keep More Than 1,100
Employees at 100 East Pratt Street Until at Least 2017
BALTIMORE, June 29 /PRNewswire-FirstCall/ -- T. Rowe Price Group, Inc.,
today announced that it has signed a letter of intent for a new lease at 100
East Pratt Street that would keep its global headquarters and more than 1,100
employees in downtown Baltimore through June 30, 2017. T. Rowe Price has been
in the building since 1975, and its current lease with property owner Boston
Properties expires on October 31, 2006.
"Signing this letter of intent signals our strong commitment to downtown
and the City of Baltimore, which has been our home since our founding in
1937," said George Roche, chairman and president of T. Rowe Price. "Baltimore
is a dynamic city, and on behalf of our employees, we're pleased to be able to
continue our presence here for years to come."
The decision to remain downtown and at 100 East Pratt Street was based on
several key factors, including the ability of the facility to meet the firm's
expected personnel, technology, and infrastructure needs; the firm's
preference to remain a leading corporate citizen in Baltimore; availability of
parking and access to public transportation; and the proximity to downtown
amenities for the firm's associates and clients.
The new lease, which will include two five-year renewal options, would
cover 377,000 square feet, including office space on floors two through 10 and
the T. Rowe Price Investor Center on the northwest corner of Calvert and
Lombard streets. The space anticipates and accommodates future growth. In
conjunction with the new arrangement, the firm plans to consolidate office
space it currently leases at 200 St. Paul Place into the Pratt Street facility
when the St. Paul Place lease expires October 31, 2006.
"We are thrilled that T. Rowe Price plans to keep its headquarters in the
City of Baltimore," said Mayor Martin O'Malley. "Baltimore has become a
center for financial services, and T. Rowe Price is an important centerpiece
of our economy. T. Rowe Price has a long history of civic leadership, and we
applaud the company's continued commitment to Baltimore City."
"T. Rowe Price's decision to remain in the heart of Baltimore's downtown
business district will have a ripple effect throughout our community," said
M.J. "Jay" Brodie, president of the Baltimore Development Corporation. "The
Inner Harbor is one of the prime locations in the United States, and can
continue to prosper from the jobs created and supported by T. Rowe Price."
"The commitment of T. Rowe Price to maintain their corporate headquarters
in downtown Baltimore sends the powerful message that Baltimore is indeed a
location of choice that can successfully compete with suburban office
centers," said Michele Whelley, president of the Downtown Partnership of
Baltimore.
Julien J. Studley, a real estate advisory firm, represented T. Rowe Price
in its negotiations. The firm expects the renovation of the existing space to
be phased-in over several years, with work tentatively scheduled to begin in
mid-2005. Space planning services are being provided by Gensler, a worldwide
architecture, design, and planning firm.
In addition to its offices in downtown Baltimore, the firm occupies
several facilities in Owings Mills, Md., including its 72-acre Financial
Campus. The firm also has U.S. offices in Tampa, Fla.; Colorado Springs,
Colo.; and San Francisco, and international offices in London; Paris; Tokyo;
Hong Kong; Singapore; Copenhagen, Denmark; Amsterdam, Netherlands; and Buenos
Aires, Argentina.
Founded in 1937, Baltimore-based T. Rowe Price (Nasdaq: TROW) is a global
investment management firm with $201 billion in assets under management as of
March 31, 2004. The firm provides a broad array of separate account
management, sub-advisory services, and mutual funds for institutional and
individual investors, retirement plans, and financial intermediaries. 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 Group, Inc.
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Related links:
http://www.troweprice.com
CONTACT:
Brian Lewbart, +1-410-345-2242, or Steve
Norwitz, +1-410-345-2124, both of T. Rowe Price Group, Inc.
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