News
THE SEARCH BEGINS
July 19, 2011
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| The Baltimore Business Journal reports Exelon Corp has hired Studley for Constellation Energy's HQ search. What are its options? Yesterday, Cushman & Wakefield's Courtenay Jenkins(above) told us there are only two downtown buildings that could accommodate the company's 375k SF requirement: 225 N Calvert St and 2 Hopkins Plaza. But will either be offered a final rose? ?The availability of that amount of space in one location in the CBD is extremely limited,? he says. A request for information recently circulated by Studley indicates Constellation is open to inking a 15-year lease in an existing building or developing a new office. Courtenay tells us there are ?about five good development sites" around the Harbor that could suit its needs, such as 300 E Pratt St. Exelon spokesperson Judy Rader says it's early in the process, but ?we are moving forward to collect as much information and input as possible.? Rental rates for existing space are in the low $20s/SF, says Courtenay, but new construction could end up costing over $40/SF. |
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| Constellation (Baltimore's last Fortune 500 company before it was acquired by Exelon in April) is currently located at 100 Constellation Way. ?No matter what happens, this will be a signature deal for the city,? says Courtenay. ?Not only will this either take a big chunk of space off the market or create a landmark new building, it'll bring highly paid and highly educated people to Baltimore.? |
