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Old February 13th, 2007, 11:48 PM   #861
quabex
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i love this move! kudos to legg mason for bringing their owings mills folks back home to downtown b-more! as for 100 light, it'll be fine. everything was ok after usf&g died its slow death. and by my loose calculations, legg only occupies about 200,000 sq ft of a building with 687,000 sq ft total. its possible (i don't know the details here) that legg really wanted to bring its owings mills employees back to the city but couldn't fit them in the tower at 100 light. also, their move opens up a good chunk of floor space for another firm looking for that much contiguous floor space. i see this as good news all the way around!
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Old February 13th, 2007, 11:50 PM   #862
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Quote:
Originally Posted by StevenW View Post
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.

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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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Very beautiful design. I just think the hat thing is way over done here in Baltimore. Maybe after this project, the BDC will take a 10-15 year break on the hats.
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Old February 13th, 2007, 11:56 PM   #863
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Haha, it looks like they tried to fit as many "hats" on a single tower as they possibly could.

The tower is really nice though. Does it just look taller than the Marriot because of the angle, or is it actually taller?

I find it interesting with regards to the amount of fuss that was put up about tall buildings in Harbor East. The first plan was to build the Marriott as the tallest, then step down to mid-rises and finally low-rises. Gradually the proposals changed and the buildings got taller. Now they're actually taking a step UP perhaps. I wonder if this will open the door for taller buildings in Harbor Point.....
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Old February 13th, 2007, 11:59 PM   #864
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While we should definitely be happy Legg will be staying in Baltimore, I too share concern over the health of the CBD. I think we're currently living through "stage three" of a splintering of the traditional business district. (First it was redevelopment of downtown via Charles Center; then the Pratt Street high-rises, and now the harbor perimeter.) Charles Center office space has long been relegated to the low-end market; now I wonder if Pratt Street won't follow the same trend?

The existing Legg Mason tower definitely offers possibilities. Of course the downfall is that of parking. As mentioned earlier, a part of a successful campaign to fill that space now definitely hinges on new parking across the street. Another idea I've heard about is trying to expand the existing garage beneath the tower. That idea is (or was at one point) tied-in with the Pratt Street boulevard redesign. The proposal called for an additional 200 parking spaces directly beneath the sidewalk level on the south side of the tower in addition to the existing parking.

Too bad the Four Seasons plan won't be carried out as originally proposed. I guess it was to be expected, that with the market shake-up, some housing would be eliminated. The Four Seasons was supposed to be constructed one tower at a time. Of course the benefit is the existing program appears to have increased in height to accommodate the office component...

Not sure if anyone saw this in the Wall Street Journal. Story is the Baltimore Sun may not be sold after all...

# # # # # # # # # # # # # # # # # # # #
WSJ: Baltimore Sun Owner Leaning Toward Restructuring, Instead of Sale

Baltimore -- In a development being closely watched in Baltimore, Tribune Co., the Chicago-based media company that owns The Baltimore Sun, is leaning toward restructuring rather than selling all or part of the company, The Wall Street Journal reported. The Journal said that the plan is expected to involve spinning off Tribune's broadcast division, as well as taking out a loan to pay a one-time cash dividend to shareholders. At the behest of its largest shareholder, Tribune put itself on the auction block last fall, and has since received inquiries from McLean-based Gannett, several private equity firms and a pair of Los Angeles billionaires. Locally, a group led by former Baltimore County Executive Ted Venetoulis made public its interest in acquiring The Baltimore Sun. Tribune owns 11 daily newspapers and 25 TV stations, as well as the Chicago Cubs baseball team.
http://online.wsj.com/article/SB1171...N=wsjie/6month (subscription required)
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Old February 14th, 2007, 12:23 AM   #865
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Quote:
Originally Posted by StevenW View Post
Whoa!!!!!
That other 4 Seasons tower is over 36 floors!!!!
I love this project!!! It will look AWESOME!!!
You beat me to it! I was just counting floors myself.
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Old February 14th, 2007, 12:39 AM   #866
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Quote:
Originally Posted by Eerik View Post
While we should definitely be happy Legg will be staying in Baltimore, I too share concern over the health of the CBD. I think we're currently living through "stage three" of a splintering of the traditional business district. (First it was redevelopment of downtown via Charles Center; then the Pratt Street high-rises, and now the harbor perimeter.) Charles Center office space has long been relegated to the low-end market; now I wonder if Pratt Street won't follow the same trend?

The existing Legg Mason tower definitely offers possibilities. Of course the downfall is that of parking. As mentioned earlier, a part of a successful campaign to fill that space now definitely hinges on new parking across the street. Another idea I've heard about is trying to expand the existing garage beneath the tower. That idea is (or was at one point) tied-in with the Pratt Street boulevard redesign. The proposal called for an additional 200 parking spaces directly beneath the sidewalk level on the south side of the tower in addition to the existing parking.

Too bad the Four Seasons plan won't be carried out as originally proposed. I guess it was to be expected, that with the market shake-up, some housing would be eliminated. The Four Seasons was supposed to be constructed one tower at a time. Of course the benefit is the existing program appears to have increased in height to accommodate the office component...

Not sure if anyone saw this in the Wall Street Journal. Story is the Baltimore Sun may not be sold after all...

# # # # # # # # # # # # # # # # # # # #
WSJ: Baltimore Sun Owner Leaning Toward Restructuring, Instead of Sale

Baltimore -- In a development being closely watched in Baltimore, Tribune Co., the Chicago-based media company that owns The Baltimore Sun, is leaning toward restructuring rather than selling all or part of the company, The Wall Street Journal reported. The Journal said that the plan is expected to involve spinning off Tribune's broadcast division, as well as taking out a loan to pay a one-time cash dividend to shareholders. At the behest of its largest shareholder, Tribune put itself on the auction block last fall, and has since received inquiries from McLean-based Gannett, several private equity firms and a pair of Los Angeles billionaires. Locally, a group led by former Baltimore County Executive Ted Venetoulis made public its interest in acquiring The Baltimore Sun. Tribune owns 11 daily newspapers and 25 TV stations, as well as the Chicago Cubs baseball team.
http://online.wsj.com/article/SB1171...N=wsjie/6month (subscription required)

Eerik, you are correct about Pratt St....sort of. East Pratt remains a healthy business corridor, and I think it always will be. You have Harborplace and the Power Plant. West of Light Street is where problems occur, partly because of the horrible design of the Federal Courthouse. There has been virtually no office development on that West part since the mid-80s. As I said, I think University of Maryland and some of the local institutions around there, plus Camden Yards, the Convention Center complex, etc., will be the main anchors. Let's see where Citigroup sends its brokers, which it's not likely to lay off. Legg's former brokers were reported to be better performing than some existing SmithBarney ones. My hope is that SmithBarney stays in 100 Light, along with FBW, to anchor the building as a "financial services" facility -- which the interior, presumably, is configured to be. Ferris Baker Watts is currently about where Legg Mason was 15 years ago. Maybe 100 Light will be the setting of its success story, just as the building was Legg Mason's.

I think we'll know the short-term verdict on Pratt once the remaining lease announcements come through. So far, the Legg Mason merger with Citigroup has served us well; we kept and picked up a number of jobs with Stifel Nicolaus, and we'll gain jobs with Legg Mason. Let's see what Citi and FBW do. The long-term verdict will obviously reflect vacancies 3-5 years hence and what, if anything, a Pratt St. redesign will do to improve the quality of life for the street's corporate tenants.

Overall, it's been a great couple of months for Baltimore -- Legg, SN, and the Hopkins Business School. Whew.
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Old February 14th, 2007, 01:07 AM   #867
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Wow, so that is the official new rendering. Essentially it is the same exact thing as before except that it does appear the one building has gotten significantly taller while the other now has "Legg Mason" at the top. I love all the glass. It looks like it could be very nice. I just wish Baltimore would get rid of the hats and also look to build skinny, taller towers instead of the more blocky ones.

It does look like it will be about 36 floors. I'm kinda surprised Legg would move into the shorter of the two towers. It kinda overshadows them in a way.
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Old February 14th, 2007, 01:10 AM   #868
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One good thing about this news is that it forces Four Seasons to start working on this almost immediately. There can be no more stalling on the construction. I'd expect ground broken once it warms up.
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Old February 14th, 2007, 01:13 AM   #869
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I think two things on that point.

1. Four Seasons probably had the choice of the better location, and/or being that there would be just one 4 seasons tower now, it would be taller and fit better at that point location.

2. Legg Mason is just happy being in a new state-of-the-art office facility that is surrounded by lots of amenities. Not really worried about the overshadowing of the other tower.
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Old February 14th, 2007, 01:18 AM   #870
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I think things will bounce back for the old CBD, it's just a matter of short-term vs long-term.

There is only so much density of office space that can be constructed on the water. We'll run out new water office space spots soon.

The old downtown has many more opportunities for very tall buildings (with views of the harbor no matter how far back they are. The sky's the limit at least until Pleasant St. There will few objectors to height there (unlike near the waterfront). We'll get rid of that Days Inn and Holiday Inn before too long for something better.

I really want to see the health of the historic buildings north of Lombard improved and kept with new office towers to create that downtown vitality you don't get on the Harbor. If our office market improves, its just a matter of when, not if. I'm just impatient and feel the old financial district is the REAL part of downtown.

Nate
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Old February 14th, 2007, 01:21 AM   #871
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I'm like you on that one.
It's just a matter of time. It will happen.
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Old February 14th, 2007, 01:22 AM   #872
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I think the move is great news for the city. The new 36 story building going up looks totally awesome. The effects of the employees leaving the center of the CBD core is certainly a downside of the move, but the 300 employees moving in from the burbs makes up for it methinks. Also, with such a big tenet already locked up, I'm sure the new building will face very little hold up in beginning construction.
The only person who really hurts from this move is whoever owns the (former) Legg Mason building. Based upon the tremendous profits reaped by real estate investors over the past 7 years, I doubt the owner of the building is going to be struggling for cash though. The price of Class A office space downtown will fall allowing companies that had been priced out of the area to move in. The owner of the Legg Building will probably try to lock up tenets as soon as he can for whatever price he can within reason in anticipation of the many buildings that will be going up soon downtown further increasing vacancy rates. Basically, I think the effects of this move will be consistent with a typical CBD office space expansion in which competition between the various buildings heat up lowering profits for the owners and increasing affordability for potential tenets. All that spells good news for Baltimore where corporate profits (and their associated taxes) go up due to lower costs for the corporations and an increase in total businesses operating in the city. It will also increase the vibrancy in the CBD.
Then again, maybe I'm idiotically babbling about something I'm completely wrong about?
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Old February 14th, 2007, 01:27 AM   #873
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Another rendering:



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Old February 14th, 2007, 01:46 AM   #874
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Quote:
Originally Posted by jeffbaltimore View Post
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?

Actually, what you propose is very similar to the Cohen Alternate Rail Plan! (Did I send you that map?) A connection from IHE under the Harbor to Federal Hill! It MIGHT be possible to engineer a split from the subway just east of Shot Tower to swing around to IHE and then onto SoBo with some demolition. A split from the Metro at Shot Tower has no possibility of hitting IHE then eastward to Fells/Canton without massive demoltion of Jonestown/Little Italy. There simply isn't enough vertical or horizontal space to do it and keep our city in tact.

Nevertheless, such a line would need to come after other segments of a Baltimore system our built for Federal cost-effectiveness and operating efficiency issues.....

Nate
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Old February 14th, 2007, 01:48 AM   #875
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From that rendering, Legg and 4 Seasons look like completely seperate structures. Are they?

Nate
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Old February 14th, 2007, 02:01 AM   #876
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I believe thats the way it has always been. Will both of the 4 season towers be going up simultaenously is my question?
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Old February 14th, 2007, 02:37 AM   #877
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from this (24 stories and 18 stories).........




to this (36 stories and 24 stories)..........


MAJOR upgrade i would say.

Last edited by MasonsInquiries; February 14th, 2007 at 06:45 AM.
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Old February 14th, 2007, 02:59 AM   #878
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Quote:
Originally Posted by StevenW View Post
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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Holy Crap!!!....

Mason I think that should answer your question of whether or not the other tower is taller...lol That thing soars!...And it will be taller than the Mariott. Looks like an updated rendering. I can't wait till this begins construction.
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Old February 14th, 2007, 03:02 AM   #879
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Okay,

So where are they putting the parking here? Originally, I thought they had planned underground parking, which perplexed me because I thought that site either had brownfield issues or water table issues. None of the other buildings had underground parking.

Hmmm.....

Nate
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Old February 14th, 2007, 03:07 AM   #880
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Mason I think that should answer your question of whether or not the other tower is taller...lol
yeah, in a MAJOR way.
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