T. Rowe Price is planning to move its HQ to Harbor Point

In 2024, Baltimore-based investment management giant T. Rowe Price is planning to move its global HQ to a new location in the city, the firm announced on Tuesday.

The firm said it signed a letter of intent for a new lease in Harbor Point, the development along the water to the east of downtown. That means it will relocate from its longtime home in downtown Baltimore, where it currently employs about 1,700 people. In signing a 15-year lease, the move is also meant to be a signal that one of the city’s most prominent business names plans to remain in Baltimore.

“T. Rowe Price is excited to make this commitment — it’s an investment in our people, in our clients, and in our community and continues our deep and long-standing connection to the City of Baltimore,” said William J. Stromberg, president and CEO of T. Rowe Price, in a statement. “In Harbor Point, we will have a vibrant campus-like atmosphere, with top-notch amenities and modern spaces designed to support the collaborative way we work with each other and with our clients.”

The headquarters will be spread among 450,000 square feet over two buildings that are built to T. Rowe Price’s specifications, according to a news release. Along with workspace, the facilities will include a client conference center and an auditorium. Beatty Development Group and Armada Hoffler Properties, two real estate firms that have a central role in Harbor Point, will helm the development.

The move “will allow the firm to custom design its buildings with a true commitment to sustainability, in a premier location ideally suited to attract and retain top talent,” per the company.

Harbor Point is increasingly becoming a nexus of business in the city. It’s already home to the Exelon tower, and Morgan Stanley has a large presence.

With the new location, T. Rowe Price will be leaving downtown Baltimore, where it has been headquartered since being founded in 1937. Since 1975, it has occupied the current headquarters at 100 E. Pratt St., which is located across from Inner Harbor.

T. Rowe Price added that it plans to keep its large presence in Owings Mills, where it has a suburban campus that puts it among Baltimore County’s largest employers.

In recent years, the company has increasingly become a destination for tech talent as it looked to offer digital products and experiences for the people who are signed up with its services. It also opened an innovation “lab” in Linthicum Heights, which is not expected to be affected by the move.

With the new headquarters, the company is planning to move only the employees currently based downtown, which is a group that includes some technologists, per a spokesperson.