The Kornblatt Co., developer and manager of St. Paul Plaza, orchestrated the deal. Studley represented the tenant. Financial terms of the agreement have not been made available; however, as per this year's second quarter office report by CB Richard Ellis, class A space in the city's central business district goes for about $23.50 per sf. According to real estate data source Black's Guide, space in the building is marketed for $25 to $26 per sf.
Developed Downtown in 1989, St. Paul Plaza is a 28-story tower with ground-level retail, a 4,000-sf conference center and a garage facility to accommodate 900 vehicles. Other tenants at the 97% occupied building include the NFL Player Benefits Office, the Maryland Attorney General's Office and Chubb Insurance.
"This building offers us the advantage of an excellent location and a well-managed facility that has sustained us through the ebb and flow of normal growth cycles since 1997," Mark Ruhe, T. Rowe Price vice president of real estate, says of the company's decision to renew. Just last year, T. Rowe Price reported that it would expand and renew at its location about a half-mile away on 100 E. Pratt St., and consolidate its offices on St. Paul into that space.
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