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Old February 13th, 2007, 07:20 PM   #841
MasonsInquiries
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Originally Posted by sdeclue View Post
The BBJ article was extremely poorly written.
yep, very unprofessional.
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Old February 13th, 2007, 07:30 PM   #842
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Now would be a good time for the city to embark on a national search to find companies that are interested in relocating or are unhappy with their current lease. The 100 Light Street building would be great for a corporate headquaters.

Also, what's the proability of the new Legg Mason building having a hat on top of it? I'll say 98%

According to the Baltimore Sun, they are moving into one of the Four Seasons towers. So it won't be a new separate tower for Legg.
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Old February 13th, 2007, 07:37 PM   #843
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Harbor East v. Harbor Point

I think this is great news for Baltimore that a major company is actually moving and consolidating their suburban workers to downtown for a change!
However if you read the Sun's article it clearly states Harbor East which is where the new Four Seasons is going to be built and then the BBJ referes to it as Harbor Point and also mentions the Four Seasons. My guess is that they actually mean Harbor East because I think that there are still too many environmental issues with Harbor Point, so I think a development of that magnitude would be highly questionable at Harbor Point.

On another note, Wada Guy, your condo probably just increased in value since it is so close to the new Legg Mason site and since they are bringing all of those suburban jobs, some of those people won't want to commute and might decide to live in the city, especially given all the things there are to do as opposed to being in dull Owings Mill. And the income level will be high too!
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Old February 13th, 2007, 07:38 PM   #844
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Originally Posted by Xander21 View Post
So what are the chances another corporation moves to Baltimore now and sets up headquarters in the newly vacated tower? I can't imagine office space like this opens up every day.

What are your predictions for whose name we'll see up on 100 Light by the end of the decade?
Well, I half-won my speculative bet at the beginning of the year. I said that Legg would renew its commitment to Baltimore, but at 100 Light. Oh well, I think the extra Owings Mills jobs could count as a mitigating factor. (This might quiet Harlem for a while, our resident urban-suburbanite.) And Nate, I'd like to hear what you think about this move and your feelings about red line alignment and direction. Is Harbor East a worthwhile location for a stop?

I feel that this move might prompt Citigroup/Smith Barney to stay put in its 5-6 floors of 100 Light, as they probably can renew their lease at a lower rate (core CBD class A space will definetly fall in price as a result of this move). The tower might either be called Smith Barney, or -- more likely -- Ferris Baker Watts. The firm has offices in Rockville, Baltimore, and D.C. Funny thing is that the firm's website lists its headquarters as Washington, D.C., but the most prominent address advertised is 100 Light. I think FBW has only 2-3 floors right now, but I could plausibly see a consolidation to Baltimore, which would offer the firm skyline prominence -- supposing the building's owner decides to give it to them -- and probably cheaper space. Perhaps they'll take 6-7 floors here. Look for the City of Baltimore to foot the bill for building modifications and perhaps a renovation to the furniture/landscaping on the brick plaza fronting Pratt and Light Sts. I'm willing to bet that the building will be 90% occupied by new tenants by the time Legg moves. It's too good a location to look over.

As for the status of Class B space... I don't know of any major firm that has class B space in the city. It might prompt some moves of small law firms currently in B space, but I don't think a comparable situation to Legg's old Corporate Headquarters exists in our case. (Perhaps Venable Law's offices in the Mercantile building???--that's the only example that comes to mind).

The one sure thing you can read into this decision is that the city is not only increasingly polarized between its harbor and the traditional business district, but that it is polarized between the Eastern Harbor and Western Harbor. East of the T. Rowe Price building is Baltimore's new "Gold Coast," and the West Side will be primarily sustained by research/medicine/publicly financed facilities and residential. This means that 1 Light Street will not be built for a long time, and if it is, there is a 100% likelihood it will NOT be office. It will probably be residential, maybe with a retail component. The best chance for new office space in the CBD is the BCCC site, and I feel it might be nothing better than 500 E. Pratt, albeit taller to achieve water views.

Clearly, our old downtown is no longer the business center of the future of Baltimore City. Look for Downtown Partnership to spin this in their favor by counting Harbor East in their tallies for downtown employment and investment.
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Old February 13th, 2007, 07:46 PM   #845
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Taking into consideration that the Four Seasons is currently undergoing a redesign, do you think that maybe the article was simply quoting the current 24-story plans, and that this type of situation would actually require the Four Seasons' office component to increase in height for a completely different and updated design? What I'm saying is how are the article's authors to know how the Four Seasons redesign is going to end up if the developers haven't released plans yet? In the Legg Mason press release on their website, it doesn't mention anything about a 24-story building, but it does mention an "iconic" tower. My guess is that they will push for (or already have been involved in) a truly iconic tower since they are a premier Baltimore-based company, and they recognize that fact. Here is the text of the press release:

Legg Mason Signs Lease at New Complex at Harbor East

Premier Waterfront Tower in Baltimore to be Completed in 2009

Baltimore, February 13, 2007 – Legg Mason Inc. (NYSE:LM) and H & S Development Corporation today announced a 15-year agreement to lease up to 400,000 square feet in the soon to be built mixed use complex in Baltimore’s Inner Harbor East Area. The proposed complex will house a Class A office building, the Four Seasons Hotel and condominium residences. It is part of a larger, 38-acre mixed use development with commercial, retail and entertainment tenants. Legg Mason plans to move into the space in the summer of 2009.

The Harbor East development currently covers eight square blocks with more than 500,000 square feet of retail and entertainment space and one million square feet of new Class-A office space in distinctive waterfront buildings. The developers estimate that the entire development will create more than 4,000 new jobs for the City of Baltimore.

As part of the new lease, Legg Mason plans to consolidate its Baltimore operations. It will bring several hundred employees back into the city, housing the majority of the Baltimore area employees at the new Legg Mason Tower in Baltimore’s Harbor East district in 2009. The building will feature iconic architecture with views of the harbor and surrounding promenade. Legg Mason will create a modern, efficient office setting. Employees will also be able to take advantage of the amenities of a key retail hub with a wide range of merchants and some of Baltimore’s best restaurants.

“Legg Mason is excited to bring most of our Baltimore area employees together in this renewed area with amenities that are among the best in Baltimore. We will be able to customize our new space to reflect our culture as a leading global investment management firm and to create a work environment that truly motivates our employees. Harbor East, with all of its advantages, should greatly enhance our ability to attract and retain employees,” said James W. Hirschmann, President and Chief Operating Officer.

Last edited by pennster; February 13th, 2007 at 08:04 PM.
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Old February 13th, 2007, 07:54 PM   #846
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B-isBest

Inner Harbor East is a great location for a subway station. However, it is not a good location for the 2002 based Red Line alignment. In later phases of our system and part of a different alignment, it could would quite well, but not here. Personally contact me if you want more details on that.


I think however, you are looking at the office situation without a proper temporal respect. One Light might not now get developed as office, but it could be in the far future. I don't see anything preventing the future of the old financial district from being good, but simply the current status is of office space languishment (which is silly, because it's closest to the Metro stops!) I agree that now, it is not the spot, but if you want to build tall, it will be. Our situation of a city could change 10-15 years from now: better schools, lower property taxes, more transit. The old financial would certainly come back.

Nate
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Old February 13th, 2007, 08:31 PM   #847
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Originally Posted by MasonsInquiries View Post
there's been talk of microsoft possibly moving here, but we'll see. anything's possible. we gotta' remain optimistic. stayed tuned..........
Lets clear this up right now. Microsoft is only interested in opening a Mid-Atlantic office in Baltimore. This would only add to their mid-atlantic operations which already exist in DC, Reston, Pittsburgh, Richmond and Melvern.
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Old February 13th, 2007, 08:46 PM   #848
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The subway should definitely extend south from shot tower to IHE. Then across the harbor to SOBO with a stop on the open space parcel at the museum of industry. Planning has designated that be a view corridor (Lawrence Street View Corridor) as part of the key highway urp so no buildings can go there anyhow. So why not an UG rail line and stop. Plus that transit stop will help serve the forthcoming dense development once the key highway urp is implemented. The parking garage being planned on the GE site across from the Foundry and blockbuster can be made larger and serve as a commuter lot. People can get off of 95 at key. Park at the lot for free and take the subway downtown if they have a monthly mta pass. Get some cars off of the street. Plus I can take the subway to work and this is really all about me right?
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Old February 13th, 2007, 09:21 PM   #849
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Quote:
Originally Posted by LilMoeJoeJoe
Now would be a good time for the city to embark on a national search to find companies that are interested in relocating or are unhappy with their current lease. The 100 Light Street building would be great for a corporate headquaters.

Also, what's the proability of the new Legg Mason building having a hat on top of it? I'll say 98%
try 100%...........lol.




here's Legg Mason's new Tower. i got this rendering from the maryland daily record. since the condo and hotel components of this projects will now be in the same building, i thought that the first tower in the background would've been taller, but i guess not.

Last edited by MasonsInquiries; February 13th, 2007 at 09:27 PM.
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Old February 13th, 2007, 09:29 PM   #850
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Quote:
Originally Posted by pennster View Post
Taking into consideration that the Four Seasons is currently undergoing a redesign, do you think that maybe the article was simply quoting the current 24-story plans, and that this type of situation would actually require the Four Seasons' office component to increase in height for a completely different and updated design? What I'm saying is how are the article's authors to know how the Four Seasons redesign is going to end up if the developers haven't released plans yet? In the Legg Mason press release on their website, it doesn't mention anything about a 24-story building, but it does mention an "iconic" tower. My guess is that they will push for (or already have been involved in) a truly iconic tower since they are a premier Baltimore-based company, and they recognize that fact. Here is the text of the press release:

Legg Mason Signs Lease at New Complex at Harbor East

Premier Waterfront Tower in Baltimore to be Completed in 2009

Baltimore, February 13, 2007 – Legg Mason Inc. (NYSE:LM) and H & S Development Corporation today announced a 15-year agreement to lease up to 400,000 square feet in the soon to be built mixed use complex in Baltimore’s Inner Harbor East Area. The proposed complex will house a Class A office building, the Four Seasons Hotel and condominium residences. It is part of a larger, 38-acre mixed use development with commercial, retail and entertainment tenants. Legg Mason plans to move into the space in the summer of 2009.

The Harbor East development currently covers eight square blocks with more than 500,000 square feet of retail and entertainment space and one million square feet of new Class-A office space in distinctive waterfront buildings. The developers estimate that the entire development will create more than 4,000 new jobs for the City of Baltimore.

As part of the new lease, Legg Mason plans to consolidate its Baltimore operations. It will bring several hundred employees back into the city, housing the majority of the Baltimore area employees at the new Legg Mason Tower in Baltimore’s Harbor East district in 2009. The building will feature iconic architecture with views of the harbor and surrounding promenade. Legg Mason will create a modern, efficient office setting. Employees will also be able to take advantage of the amenities of a key retail hub with a wide range of merchants and some of Baltimore’s best restaurants.

“Legg Mason is excited to bring most of our Baltimore area employees together in this renewed area with amenities that are among the best in Baltimore. We will be able to customize our new space to reflect our culture as a leading global investment management firm and to create a work environment that truly motivates our employees. Harbor East, with all of its advantages, should greatly enhance our ability to attract and retain employees,” said James W. Hirschmann, President and Chief Operating Officer.
I can't wait to see renderings.
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Old February 13th, 2007, 09:41 PM   #851
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Wow Mason,

You're quick!..lol Looks awesome. The second tower is going to be 28 flrs right?
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Old February 13th, 2007, 09:42 PM   #852
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2009 is pretty soon for the new Tower. They will need to shoot out a rendering and get to work here in the next few months.

By the way, I drove by the new Hilton Hotel the other day and it is now 2 or 3floors out of the ground. It definitely is nice to see some actual progress.
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Old February 13th, 2007, 09:44 PM   #853
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Originally Posted by MasonsInquiries View Post
try 100%...........lol.




here's Legg Mason's new Tower. i got this rendering from the maryland daily record. since the condo and hotel components of this projects will now be in the same building, i thought that the first tower in the background would've been taller, but i guess not.
The tower in the background looks taller to me.
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Old February 13th, 2007, 09:45 PM   #854
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I'm pretty sure that is the old rendering of the Four Seasons hotel. They will probably modify that rendering to some degree now with Legg. Hopefully a crown is added and the Legg Mason name is brightly placed at the top.
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Old February 13th, 2007, 10:19 PM   #855
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So...does that tower replace the shorter tower of the Four Seasons is that tower next to it?
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Old February 13th, 2007, 10:22 PM   #856
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Originally Posted by MasonsInquiries View Post
try 100%...........lol.




here's Legg Mason's new Tower. i got this rendering from the maryland daily record. since the condo and hotel components of this projects will now be in the same building, i thought that the first tower in the background would've been taller, but i guess not.
UNBELIEVABLE! Why is it that almost every new building proposed for Baltimore has to have a hat? What's the signifigance of it? I was born here and I've lived here ever since I left the military and I just don't get it. I travel the courntry frequently for business and I've never seen so many hats on buildings as I've seen here in B-more. What ever happened to topping a building off with a nice crown that lit up at night?
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Old February 13th, 2007, 11:32 PM   #857
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I can't remember who it was, but someone on this thread posted an email recently that said that the new rendering would be coming out relatively soon. They were probably waiting for this commitment and announcement from LM before going ahead with it. I would think that LM would want their tower to look different from the hotel tower but I suppose we'll see.

Last edited by pennster; February 13th, 2007 at 11:42 PM.
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Old February 13th, 2007, 11:32 PM   #858
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Legg Mason to leave city skyscraper
Money manager will move 1,000 employees to Inner Harbor East
By Jamie Smith Hopkins
Sun Reporter
Originally published February 13, 2007, 10:38 AM EST
Money manager Legg Mason Inc. said this morning that it will leave its downtown Baltimore skyscraper for the fast-developing Inner Harbor East when its lease expires in 2009, moving the employees based there and several hundred workers in Owings Mills.

It said it has signed a 15-year agreement to lease as much as 400,000 square feet in a mixed-use complex that H&S Properties Development Corp. will soon build. The development is slated to include a Class-A office building, a Four Seasons Hotel and condos.

Legg expects to move there in the summer of 2009.

"Legg Mason is excited to bring most of our Baltimore-area employees together in this renewed area with amenities that are among the best in Baltimore," said James W. Hirschmann, the company's president and chief operating officer, in a statement.

Speculation had been rampant that the company was looking to move from its iconic spot at 100 Light St., the city's tallest building. Andy Frank, deputy mayor for neighborhoods and economic development, said recently that the Baltimore Development Corp. worked with Legg for months to address any concerns it might have had about staying downtown.

City officials had hoped a 10-story parking garage the tower's owners are developing would keep the company from moving.

[email protected]





Legg Mason leaving downtown home

(Chris Ammann/Baltimore Examiner)
Financial giant Legg Mason announced today it is leaving its downtown tower for new digs in Harbor East.
BALTIMORE - Legg Mason is getting a new address. The asset management firm announced Tuesday that it signed a 15-year agreement with H&S Development Corp. to lease up to 400,000 square feet in a proposed complex in Baltimore's Inner Harbor East.


The new Legg Mason tower in Harbor East will be home to the majority of the firm’s Baltimore-area employees, beginning in the summer of 2009, when the company plans to move.

“It's going to be brand new, state-of-the-art space that we can customize,” said Mary Athridge, spokeswoman for Legg Mason.

When Legg moves, it will leave behind its iconic home at the corner of Pratt and Light streets that bears its name. A standout along the Baltimore skyline, the building was constructed in 1973 and is the tallest in Maryland, according to Emporis, an international building and real estate data base.

The current Harbor East development covers eight square blocks — more than 500,000 square feet of retail and entertainment space and 1 million square feet of new Class-A office space.
The developer estimates the entire space will create more than 4,000 new jobs for Baltimore City, H&S said in a news release.

Legg Mason employees are looking forward to the new complex.

“There are pictures posted around of the new building, and people are saying, ‘this looks really nice,’” Athridge said.

As for Baltimore, the city is glad that Legg Mason is staying in Charm City.

“I think it’s great news,” said Kirby Fowler, president of The Downtown Partnership of Baltimore Inc. “We are glad to see that they are staying in Baltimore City and expanding.”

Athridge said the move isn’t that big of a deal, but the company is excited.

‘It's not that we're leaving,” she said, “but that we're taking advantage of the new space.”

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Old February 13th, 2007, 11:35 PM   #859
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Whoa!!!!!
That other 4 Seasons tower is over 36 floors!!!!
I love this project!!! It will look AWESOME!!!
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Old February 13th, 2007, 11:46 PM   #860
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Who is the architect? Anyone know?
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