NFL's Ravens Among Flock Of New Tenants At Baltimore Peninsula
The developers behind the 235-acre Baltimore Peninsula said 15 tenants, including the NFL's Ravens, have leased more than 65K SF of retail and office space at the $5.5B waterfront megadevelopment.
The development team, which includes MAG Partners and MacFarlane Partners, signed seven office leases this month totaling 30K SF and eight new retail deals, it announced Thursday.
"These leases are the culmination of a year of exciting partnerships and activations where the MAG Partners team has put together the essential pieces of leasing to create a vibrant sense of place," Kevin Plank, the founder of Under Armour and a backer of the project via his Sagamore Ventures investment firm, said in a statement. "It is gratifying to close out 2023 with a flurry of retail and office leasing activity and look forward to a very busy 2024."
The new office tenants include the Baltimore Ravens, who are leasing an undisclosed amount of space in the development's Rye House building to host a preview center for $430M in upgrades the team plans to make at M&T Bank Stadium.
Liquor company Disaronno also signed a deal to move its North American headquarters to the Rye Street building. Disaronno recently purchased the Plank-founded Sagamore Spirits, maker of Sagamore Spirit rye whiskey, which operates a distillery at Baltimore Peninsula.
“As we look to deepen our roots within the Maryland and Baltimore communities, Disaronno International is proud to bring its North American headquarters to Baltimore Peninsula,” Disaronno International USA CEO Robert Cullins said in a statement. “We’re ready to build on our partnership with Sagamore Spirit and its beloved brand to continue delivering quality spirits and making an impact across the region.”
The development team also signed a lease with Volo Sports, an adult sports league that operates Volo Beach at Baltimore Peninsula. And Sagamore Ventures and MAG Partners agreed to lease space at Rye House.
Baltimore Peninsula also agreed to leases with eight retail tenants. Deals include agreements with The Learning Care Group at 250 Mission, and CFG Bank, which plans to relocate its headquarters to 2455 House St., agreed to open a branch in that building. Jersey Mike's and BK Lobster also signed deals to open in the Rye Street Market. Vermont-based ice cream company Ben & Jerry's also leased space for a store in Rye House.
Cushman & Wakefield handles the project's office leasing, and Segall Group covers retail leasing.
News of the leases comes after the development team unveiled plans in late November to build a 5K SF marketplace called The Exchange, which will host vendors and food stalls ranging between 90 SF and 165 SF.
Initially known as Port Covington, the project was previously led by Weller Development Partners during the concept phase and first building round. Weller secured other high-profile deals for the development, such as the Roost Apartment Hotel that opened this summer.
However, in the spring of 2022, the project's investors brought on MAG Partners and MacFarlane Partners to finish leasing at the first phase of building and steer the next round of development.
Since the new development team took control of the project, it rebranded the development as Baltimore Peninsula. The team also signed architecture and design firm Chambers to the development’s first office lease in the fall of 2022.
A bevy of new deals for office and retail space followed in the last year, including CFG Bank and Atlanta-based vegan burger chain Slutty Vegan.
Additionally, Under Armour is independently building a Gensler-designed, 280K SF mass timber global headquarters overlooking a 1,400-person track and field stadium adjacent to Baltimore Peninsula.
