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BALTIMORE, MD-Commercial property developers The Cordish Co. breaks ground on its harbor-front office building and retail complex, and secures a second tenant. Accounting firm Ernst & Young–which was first to claim space in the 140,000-sf building–and venture capitalist company Nexgen will lease space in the six-story complex. Builders expect to complete the structure in December 2002.

The National Aquarium and the well-traveled Power Plant entertainment complex will flank the $30-million edifice. It will be a warehouse-style building with high ceilings and water views. With two tenants already signed on, Cordish’s office tower is 75% pre-leased. Baltimore will collect from Cordish an annual $120,000 rent on the land, as per the company’s 72-year lease with the city. To further accommodate tenants Cordish plans to erect a 640-space parking garage at Pier 6.

Ernst & Young will leave its current digs in the Blaustein Building, which the company has called home since 1960. Nexgen plans to put out a press release to announce its impending move to the new office space.

“From a development standpoint, it’s a very exciting time for this company,” says Cordish Marketing Director Allison Parker. “We are also developing in [Maryland's] Prince George’s County where the old US Airways arena was. It will be a lifestyle/retail/entertainment complex, and we will break ground on that in 2002.”

Outside of Maryland, Cordish is in the process of developing projects in Atlantic City, Louisville, Houston, Florida, and Hampton, Virginia.

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