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Old February 3rd, 2007, 09:32 PM   #521
Baltimoreborn1
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cordish

[QUOTE][QUOTE]http://www.examiner.com/a-545003~Cordish_straps_into_new_restaurant_s_driver_s_seat.html
Quote:
Cordish straps into new restaurantís driverís seat
Quote:
BALTIMORE - Cordish is starting its engines. The Cordish Company, a Baltimore-based global real estate development and entertainment operating company, is preparing to launch their cutting-edge NASCAR Sports Grille restaurants.
Im not really a fan of nascar, and im not sure ow this restaurant will do, but it is certainly news.
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Old February 3rd, 2007, 10:24 PM   #522
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Originally Posted by baltimoreisbest View Post

Adn finally, Canton Crossing is mostly leased. There may be 60,000 sf left, but most of the building is accounted for. It delivered with one of the quickest leasing rates in the city's recent history. I don't doubt that Legg Mason would consider a location there, or in an adjacent location, because of the free parking. But constructing such a facility would take a minimum of 2-3 years, more time than the company has.
Are you talking about all 1.5 million sq/ft or just the 1st Mariner Bank Tower? There is another office building planned for completion in 2008 called the Harbour's Edge Building, it has 470,000 square feet on 12 rentable floors. I believe each floor plate will be larger than 1st Mariner’s 30,000. I doubt Harbour's Edge is over 88% leased but if so that is great news.

Whether good or bad, I think Hale may be showing the importance of parking, if not that he has people who are miracle workers. Overall the faster than usual leasing of office at Canton Crossing shows Baltimore is still very much desirable with the right adjustments. It’s all about adaptation and competitiveness.

Building 1 of the UMB Bio park also leased quite quickly even with the University leased space.
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Old February 3rd, 2007, 11:48 PM   #523
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Owings Mills

The area has changed dramatically from when T. Rowe Price moved there in the 80's. The schools are not very good now and there is alot of traffic. Downtown's main competition now is Hunt Valley and Columbia.


Quote:
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About Owings Mills. Yes, it's cheaper, and affords space for corporate campuses. But, on the other hand, it's remote, it's still plagued with traffic problems, and it might not be such a draw for young workers, which companies desperately need to hang on to. It's far from the Northeast Corridor, which is immeasurably important if you're in the financial services industry. Business travel on the Acela is extremely important, and if you're going to have an office in the Northeast, you'd be smart to have it between 0-15 minutes of a major train station such as ours. You note that T. Rowe built an Owings Mills campus. Look on the company's website to see what work is done there .... and you'll see, mostly back office stuff. The brokers who make the company money sit at 100 E. Pratt. The executives work at 100 E. Pratt. T. Rowe doesn't have to be "charitable" to the city to keep its employees here. They knew that, in the end, it was worth the cost. I can't see why Legg Mason would employ a completely different calculus. And to prove I'm not BSing, this is the reason why Stifel Nicolaus didn't decide to take a cheap chunk of space in Towson when it was searching for space for its brokers and capital markets division. It took a costlier lease at One South Street for the reasons stated above, and because the floors were already configured for the usues SN is planning. The city loan notwithstanding, the company recognized the value of being downtown.

New York is an important operation for Legg Mason, but let's clear one thing up: Legg Mason did not "acquire" a part of Citigroup to gain a New York presence. In the end, the deal propelled the company to global prominence as an asset manager, allowing it to withdraw from the much more crowded brokerage business. If the deal was influenced in any way by geography, the compelling reason would be the REACH of the asset management business, making Legg Mason a truly global company. It's a matter of who owns the assets, and less a concern where the company has an office.

Baltimore will always a second-tier downtown, and will face the reality that it's not a huge draw. But then again, companies will recognize the value of being downtown because it remains a strategic location. This could change if ownership of any Baltimore company changes, because then the geography of control becomes an important matter. But as long as Legg Mason's principal players live in the area and demand the services that our proximity to the NEC and other businesses provides, we'll do ok. Never stellar. But we'll manage.

By the way, all the sources I've read suggest that Citigroup is seeking to retain a downtown location for its brokerage, which manages a lot of money. For a company to maintain a downtown non-headquarters operation demonstrates that we've still got something important here that other locations don't have.

Adn finally, Canton Crossing is mostly leased. There may be 60,000 sf left, but most of the building is accounted for. It delivered with one of the quickest leasing rates in the city's recent history. I don't doubt that Legg Mason would consider a location there, or in an adjacent location, because of the free parking. But constructing such a facility would take a minimum of 2-3 years, more time than the company has.
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Old February 4th, 2007, 01:09 AM   #524
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Quote:
Originally Posted by fanofterps View Post
The area has changed dramatically from when T. Rowe Price moved there in the 80's. The schools are not very good now and there is alot of traffic. Downtown's main competition now is Hunt Valley and Columbia.
Hunt Valley and Columbia have a lot of business, true. But I think Canton is very competitive with them, as driving time to downtown and proximity to Amtrak are still superior. Canton will be superior yet when more Hopkins development occurrs in East Baltimore, as I suspect it will benefit from the biotech development.

Harbour's edge has 360k of space and is listed at $31.50/sq ft -- probably not cheaper on a square foot basis than LM. You are right in that the floorplates are bigger, but the disadvantage of this building is that it would leave little room to expand, as this is not much more than Legg's current lease at 100 Light, and it wouldn't allow its current tenant neighbors, like Ferris Baker & Watts, another investment firm, the ability to tag along. There's an advantage to having related companies together. Perhaps if Legg Mason committed to Canton, Ed Hale would construct more space and other companies would move in.

And yes, most of the First Mariner Bank Building, a 600k sq foot tower, is leased. I think only 2-3 full floors are still available.

Finally, all those nay-sayers about Legg Mason's future in Baltimore should, despite your cynicism, take the company at its word. They're not out to be deceivers. If they say that their plans are to maintain headquarters in Baltimore, it's not the Baltimore "area," it's the city. I really wouldn't fret. Whatever decision IS made, however, will significantly shape the scope, distribution, and pace of development around town.

Cheers!
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Old February 4th, 2007, 01:46 AM   #525
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Quote:
Originally Posted by baltimoreisbest View Post
Hunt Valley and Columbia have a lot of business, true. But I think Canton is very competitive with them, as driving time to downtown and proximity to Amtrak are still superior. Canton will be superior yet when more Hopkins development occurrs in East Baltimore, as I suspect it will benefit from the biotech development.

Harbour's edge has 360k of space and is listed at $31.50/sq ft -- probably not cheaper on a square foot basis than LM. You are right in that the floorplates are bigger, but the disadvantage of this building is that it would leave little room to expand, as this is not much more than Legg's current lease at 100 Light, and it wouldn't allow its current tenant neighbors, like Ferris Baker & Watts, another investment firm, the ability to tag along. There's an advantage to having related companies together. Perhaps if Legg Mason committed to Canton, Ed Hale would construct more space and other companies would move in.

And yes, most of the First Mariner Bank Building, a 600k sq foot tower, is leased. I think only 2-3 full floors are still available.

Finally, all those nay-sayers about Legg Mason's future in Baltimore should, despite your cynicism, take the company at its word. They're not out to be deceivers. If they say that their plans are to maintain headquarters in Baltimore, it's not the Baltimore "area," it's the city. I really wouldn't fret. Whatever decision IS made, however, will significantly shape the scope, distribution, and pace of development around town.

Cheers!
Was that directed at me or just fanofterps?
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Old February 4th, 2007, 02:46 AM   #526
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I thought there were a bunch of 20+ story towers going up in Hale's development. 12 floors is very disappointing.

I understand the points about building smaller near the Harbor and then building higher as we move back away from it, but we haven't built anything! We might as well go ahead and capitalize on the prime Harbor spots and worry about the rest when we get to it. Maybe that is short-sighted and I'm speaking a bit too much from the heart and not the brain, but I just really want to see this city continue to further establish itself among the best in the country.
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Old February 4th, 2007, 02:54 AM   #527
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I think the 20+ towers are the residential and hotel towers. They will come later
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Old February 4th, 2007, 03:24 AM   #528
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Hey y'all

Haven't posted in a while, but a trip up to Baltimore today (I now live in DC) motivated me to return!

I am confident that Legg will stay in Baltimore until their business changes substantially enough that they would need to move out. In case all of you didn't see the article below, it seems that we have nothing to worry about for the near future:

Legg Mason says it won't leave city after lease expires
But money manager declines to reveal if it will stay in tower
http://www.baltimoresun.com/business...,2210927.story


While I was driving through town today, I passed the Naing site and noticed that a new garage is being built at the corner of Guilford and E Pleasant. Not too exciting, but hopefully it will reduce the need for parking at the Naing site and help spur on its development. The Vue looks great now that the glass is up, and the Zenith is absolutely beautiful!

As far as the rendering for 300 East Pratt, I think it will be a great addition, but I am worried about 2 things:
1) Since it is primarily a condo tower, this could mean big, ugly balconies protruding from one or more sides and ruining the exterior;
2) That base looks suspicious to me... Hopefully the part facing Pratt will be shops and restaurants rather than a fake glass facade that hides the huge parking garage behind it.
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Old February 4th, 2007, 03:24 AM   #529
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exactly.
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Old February 4th, 2007, 03:24 AM   #530
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I knows some of you disagree but I like the way this building may turn out. I think it would be really nice looking sitting by the aquarium, and compliment its glassy design quite nicely.

I also think the glass looking room at the bottom of 300east pratt would be a nice spot for a classy restaurant. Or , as anothe rposter suggest, a big screen television.
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Old February 4th, 2007, 03:56 AM   #531
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It's all in the base, baby....

Nate
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Old February 4th, 2007, 04:21 AM   #532
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Yeah, but it would be nice if the base had the same glassy exterior as the main portion of the tower.
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Old February 4th, 2007, 04:46 AM   #533
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Can someone photoshot the new rendering of 300 E. Pratt into our current skyline?
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Old February 4th, 2007, 04:50 AM   #534
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Quote:
Originally Posted by baltimoreisbest View Post
You note that T. Rowe built an Owings Mills campus. Look on the company's website to see what work is done there .... and you'll see, mostly back office stuff. The brokers who make the company money sit at 100 E. Pratt. The executives work at 100 E. Pratt.
As someone who worked there I can guarentee you that it is almost entirely backoffice. Very neccesary activities but the money moves downtown.

Its a very nicely designed corporate campus. Legg Mason was a much smaller campus less than a mile from it, closer to new town.
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Old February 4th, 2007, 06:02 AM   #535
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[QUOTE=Baltimoreborn1;11620111][QUOTE]
Quote:
http://www.examiner.com/a-545003~Cordish_straps_into_new_restaurant_s_driver_s_seat.html
Quote:

Im not really a fan of nascar, and im not sure ow this restaurant will do, but it is certainly news.
I'm not a nascar fan by any estimation. With that said, il; certainly welcome a Baltimore location for this store. If cordush builds one here first, it could be a strong tourist draw. I'm sure several airlines at BWI have cheap, direct flights from Charlotte. Richmond isn't very far away. Those are huge nascar markets.

Perhaps it could go in harbor point or at 300 east Pratt or (god willing) 1 light street. They'd probably be looking for something that can be delivered within the next few months.
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Old February 4th, 2007, 06:15 AM   #536
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http://www.parameterinc.com/
this website was also updated
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Old February 4th, 2007, 07:49 AM   #537
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A couple of INSANE aerials taken by Flash at SSP.



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Old February 4th, 2007, 03:38 PM   #538
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Great photos! The city looks so tiny from way up there. We really need to bury those unsightly highways.
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Old February 4th, 2007, 04:05 PM   #539
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Awesome aerials!
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Old February 4th, 2007, 04:54 PM   #540
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I was inside Silo Point the other day. It's amazing what they are doing there. Delivery in 08. Parameter is also working with Turner on Westport. From what I gathered from my guy, the tower is last on the to-do list over there. That's only natural considering the scope of the venture.
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