The 10 Largest Office Leases Signed In The Baltimore Area In 2022

If it weren’t for a series of massive lease deals for state government offices in downtown Baltimore, the metro area’s office market would have navigated a much rougher 2022. 

Of the 10 largest office leases in the Baltimore area this year, four of those agreements were with state agencies relocating from the State Center complex in west Baltimore to downtown office buildings.   

Despite the influx of those government tenants, the overall Baltimore metro office market has posted negative absorption for seven straight quarters, including the first three of 2022.  

Using research from CBRE, CoStar, and KLNB, along with previous reporting and public announcements, Bisnow compiled a list of the 10 largest reported office leases in the Baltimore area in 2022. The list only includes leases that were publicly announced or could be confirmed by multiple sources. 

In addition to government agencies, the tenants on the list include nonprofits, financial advisors and tech firms.

Maryland Department Of Health

• Address: 300-400 North Greene St.
• Submarket: Central Business District 
• Square Feet: 463K SF
• Lease Type: New
• Market Effect: Contraction

The Maryland Department of Health’s deal to rent 463K SF of space at Metro West is the largest reported deal in the Baltimore area this year. 

In November, Maryland’s Board of Public Works approved the agreement — valued at about $12M annually — with owner Greene Street Ventures LLC, which includes developer Caves Valley Partners.

The deal is part of Gov. Larry Hogan’s plan to move 12 state agencies and about 3,300 state employees from the crumbling, bug-infested State Center complex to Baltimore’s central business district.     

Moving the health department to Metro West also helps the city deal with a massive empty building in downtown’s Westside. The property has sat vacant for years since the Social Security Administration, and the offices of roughly 1,600 employees, moved out in early 2014.

CareFirst BlueCross BlueShield

• Address: 1501 South Clinton St.
• Submarket: East Baltimore 
• Square Feet: 214K SF
• Lease Type: Renewal
• Market Effect: Contraction

CareFirst BlueCross BlueShield’s lease renewal was one of the first inked this year, and it's still the largest private deal in the Baltimore metro area.  

The nonprofit insurer renewed its lease at 1501 S. Clinton St. in January, taking 214K SF across several floors of the Canton office tower — owned by Corporate Office Properties Trust — that bears its branding.     

CareFirst said the new lease helps accommodate a hybrid workforce. About 60% of full-time employees will work remotely, spending approximately one day a week in a CareFirst office. About 40% will work in the office two to three days a week. At the same time, nearly 2% of employees will work full-time in a CareFirst office.   

Maryland Department Of Human Services

• Address: 25 South Charles St.
• Submarket: Central Business District 
• Square Feet: 149K SF
• Lease Type: New
• Market Effect: Contraction

The Maryland Department of Human Services signed a new lease for more than 149K SF at 25 South Charles St. in downtown Baltimore. The state spending board approved the deal, and the move is part of Hogan’s scheme to relocate state employees from the State Center complex to downtown. 

This deal helped owner Grander Capital backfill vacant space after M&T Bank moved its offices to 1 Light St. 

Baltimore’s central business district has struggled with vacancy, posting a direct vacancy rate of 21.5% in the third quarter of 2022 and a year-to-date negative net absorption of nearly 243K SF. 

Department Of Labor And The Department Of Information Technology 

• Address: 100 South Charles St. 
• Submarket: Central Business District 
• Square Feet: 126K SF
• Lease Type: New
• Market Effect: Contraction

The final leases approved by the state to move offices from the State Center complex to downtown are also among the most substantial deals signed this year.

Maryland’s Board of Public Works approved a deal in December for the Department of Labor and the Department of Information Technology to lease roughly 126K SF of office space at 100 South Charles St. 

The labor portion of the lease covers about 121K SF to provide office space for more than 820 employees. The technology chunk of the deal includes 5K SF of room for 22 employees.

Johns Hopkins University

• Address: 8130 Maple Lawn Blvd.
• Submarket: Columbia
• Square Feet: 109K SF
• Lease Type: New
• Market Effect: Growth

Johns Hopkins University continued expanding its footprint in Howard County, leasing 109K SF of office space at the brand-new, Class-A office property at 8130 Maple Lawn Blvd. 

St. John Properties and Greenebaum Enterprises developed the building, which was completed last year. St. John called the building a highlight of the 400K SF of new construction the firm completed in Maryland in 2021.  

CareFirst BlueCross BlueShield

• Address: 6100 Merriweather Drive
• Submarket: Columbia
• Square Feet: 85K SF
• Lease Type: New
• Market Effect: Growth

The lease marks CareFirst BlueCross BlueShield's second deal on this list. This time the insurer took roughly 85K SF of office space at 6100 Merriweather Drive in Downtown Columbia.

The lease with property owner Howard Hughes Corp. is part of a hub-and-spoke model intended to give its workforce more flexibility. 

The plan, adopted in the wake of the coronavirus pandemic, is part of the nonprofit insurance firm’s strategy to retain workers by adjusting to more employees working outside its Baltimore headquarters in Canton.  

Merkle Group Inc. 

• Address: 7001 Columbia Gateway Drive
• Submarket: Columbia
• Square Feet: 63K SF
• Lease Type: Renewal
• Market Effect: Growth

Merkle Group Inc., a data-focused customer experience firm, decided it was happy with its space at 7001 Columbia Gateway and renewed its lease, keeping its headquarters at the 120K SF building.  

The firm signed a deal for 63K SF of office space at the building, which has the company’s branding on the exterior. Massachusetts-based Office Properties Income Trust owns the building. 

Franklin Templeton 

• Address: 1201 Wills St.
• Submarket: East Baltimore
• Square Feet: 60K SF
• Lease Type: New
• Market Effect: Growth

Financial planning firm Franklin Templeton signed a lease for 60K SF at Wills Wharf in Harbor Point in July. The deal was part of a relatively active market of law firms and financial advisors moving to new Class-A properties along the east Baltimore waterfront between downtown and Fells Point.   

Franklin Templeton bought Legg Mason roughly two years ago and is relocating its Baltimore office from nearby 100 International Drive in Harbor East, which featured Legg Mason’s branding.

Maryland Department Of Assessment And Taxation 

• Address: 700 East Pratt St. 
• Submarket: Central Business District
• Square Feet: 47K SF
• Lease Type: New
• Market Effect: Growth

In August, the state’s spending board approved a new 47K lease for the Maryland Department of Assessment and Taxation at 700 East Pratt St., known as the Candler Building.

The move is part of Hogan’s plan to relocate state employees from the State Center complex to the Central Business District. 

Morgan Stanley 

• Address: 1300 Thames St. 
• Submarket: East Baltimore 
• Square Feet: 46K SF
• Lease Type: Renewal
• Market Effect: Growth

Morgan Stanley renewed and expanded its lease at Thames Street Wharf in Harbor Point. The new deal, signed in November, extends the firm’s lease by 46K SF. The agreement, covering 242K SF in total, extends through 2035.

The deal was announced by building owner Armada Hoffler, and it increased Thames Street Wharf’s occupancy to 100%. It is the second-largest office lease inked at Harbor Point in 2022.