T. Rowe Price to sell Owings Mills Financial Center

Employees will move to 4-building complex on Painters Mill Road

January 18, 2002|By Bill Atkinson | Bill Atkinson,SUN STAFF

In a move to consolidate its Baltimore County operations, T. Rowe Price Group Inc. said yesterday that it will put its Owings Mills Financial Center up for sale in the spring.

The center houses 300 employees who primarily work in the Baltimore-based mutual fund company's investment technologies group. It is located within McDonogh School's Owings Mills Corporate Campus at 10090 Red Run Blvd.

When the property is sold, those employees will move to Price's Financial Center Campus, a four-building office complex at 4515 Painters Mill Road in Owings Mills, which currently houses 1,300 employees. "It is the consolidation of the Owings Mills Financial Center ... and to create efficiencies of that operation," said Mark Ruhe, vice president of real estate at T. Rowe Price.

As have other financial firms, Price has been cutting costs as the slumping stock market and economic downturn have squeezed revenue and profit. It expects to save money with the sale of the building and consolidation.

"There is a savings, and probably a substantial savings," Ruhe said. "The net effect is very beneficial."

The three-story Owings Mills Financial Center, with 115,000 square-feet of office space, was the first building Price built in Owings Mills 12 years ago.

"It remains a state-of-the-art facility," Ruhe said.

In the 1990s, Price operated out of six locations in Owings Mills, but in 2000 it completed construction of its corporate campus and began combining its operations.

Ruhe said Price recently leased the second floor of its headquarters building at 100 E. Pratt St., giving the firm eight floors in the building.

"We continue to grow in the city," Ruhe said.

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