Equitable Life Assurance Corp. will consolidate its downtown fTC Baltimore and Owings Mills offices and move into the USF&G Building downtown early next year, the company said.
"The only reason we're moving is cost," said Edward Haesloop, Equitable's operations manager.
The move is an indication of the office space glut in downtown Baltimore, with landlords becoming more and more willing to negotiate prices and terms. The life insurance company will save $4 per square foot for space at the plush USF&G Building, compared with what it's currently paying at the World Trade Center directly on the Inner Harbor, Mr. Haesloop said.
The USF&G Building, set a block back from the harbor at 100 Light St., will provide free office improvements to Equitable -- including ceilings, carpeting, partitions, upgraded wall coverings and other office fixtures, he said. He estimated the value of such improvements at $600,000.
"I was a little surprised with what they gave us," Mr. Haesloop said. "We couldn't turn them down."
OC Equitable will occupy 21,000 square feet in the USF&G Building.