T. Rowe Price had tapped Studley in June 2003 to research expansion options including building at the company's 72-acre suburban Baltimore site in Owings Mills, committing to a build-to-suit facility in Downtown or negotiating new terms at its current location. After more than a year of perusing possibilities, a new deal with Boston Properties, owner of 100 E. Pratt since 1997, proved most desirable.
"We worked with our client to evaluate all human resources issues, as well as physical plant considerations, to generate several options that could satisfy T. Rowe's long-term requirements," says Studley Chicago office co-branch manager Richard Schuham. "The most economically sound decision for T. Rowe Price was to restructure and extend the lease at their current location." Schuham and Studley's Washington, DC-based executive managing director Julie Schuelke represented the tenant, while Boston Properties' Anne DuMont and Jon Kaylor stood in for the property owner.
Located on a two-acre parcel within close proximity to the National Aquarium and Orioles Stadium at Camden Yards, 100 E. Pratt began as a low-rise, 300,000-sf office property in 1975, and later doubled its size with the addition of an 18-story tower and an eight-story parking facility in 1991. Ground-level retail and a conference center also highlight the property.
Among T. Rowe Price's neighbors in the building are IBM and leading law firm Tydings & Rosenberg LLP. "Choosing to remain at their current location, upgrade and renovate their space, and consolidate their operations into the low-rise portion of 100 E. Pratt St., will prove to be an astute and profitable long-term real estate decision for T. Rowe Price," Studley's Julie Schuelke adds.
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