Investment firm T. Rowe Price, which has been headquartered in Baltimore since its founding in 1937, officially broke ground on its new waterfront headquarters buildings at Harbor Point this week.
The groundbreaking, at 1307 Point St., also coincides with its 85th anniversary. The new headquarters is scheduled to open in 2024.
The new T. Rowe Price headquarters is two seven-story buildings linked by an all-glass lobby atrium, totaling 550,000 square feet. The location will create a walkable connection between the headquarters’ own central plaza and Point Park, a new 4 1/2-acre public waterfront park.
It will also include 50,000 square feet of retail, restaurant, residential and hotel space.
The project is being developed by Beatty Development Group, the master developer of the 27-acre Harbor Point, along with Armada Hoffler Properties, which is also the general contractor. T. Rowe Price says its new headquarters will create nearly 1,600 jobs during the construction phase.
The buildings’ features include a water harvesting system that will save 1.55 million gallons of water annually by collecting rainwater, part of its proposed goal of LEED Platinum certification.
T. Rowe Price has been at its current headquarters at 100 East Pratt St. since 1975.
T. Rowe Price is one of Maryland’s largest employers, with more than 5,500 employees in the Baltimore area, including 3,800 at its Owings Mills campus. The headquarters building will be home to about 1,700 employees.
Harbor Point is between Harbor East and Fell’s Point. T. Rowe Price conducted an extensive headquarters search, considering a number of locations in Baltimore County, before announcing the Harbor Point location in 2020.
T. Rowe Price has more than $1.5 trillion in assets under management and is one of the 15 largest asset management companies in the U.S.