Euler leaving 100 E. Pratt for Owings Mills campus

160 employees will be shifted from downtown

April 03, 2002|By Meredith Cohn | Meredith Cohn,SUN STAFF

Euler American Credit Indemnity Co. plans to move its North American headquarters from the Inner Harbor to Owings Mills in a move that will shift 160 workers from downtown.

Euler, a subsidiary of the German insurer Allianz/AGF, will leave 100 E. Pratt St. for a suburban campus where it can consolidate some operations and park for free, the company's real estate broker said yesterday.

With few companies expanding and moving during this economic recession, the deal is considered a coup for Owings Mills and David S. Brown Enterprises, developer of the new building in Owings Mills.

"Owings Mills was a candidate because of its ability to deliver the space they needed based on their criteria," said Mark M. Deering, a vice president at MacKenzie/Oncor International, a real estate firm that handled negotiations for Euler. "They were looking for parking for 200 employees and a large floor plate. They wanted to be on only two floors. ... When you're looking this far in advance, it gives you the ability to have a building built to your specifications."

The company has signed a long-term lease with David S. Brown at 800 Red Brook Blvd. in Owings Mills for 60,000 square feet in a building planned to open in the fourth quarter of 2003. The building will total about 150,000 square feet.

Euler provides credit and other financial insurance to companies so they can protect themselves from bad customer debt. About five years ago, it merged with the Baltimore-based American Credit Indemnity Co., located in the current offices downtown since the early 1990s.

T. Rowe Price Associates Inc., with headquarters in the same building, has an option to rent Euler's 40,000 square feet when the company's lease expires in 2003, Deering said. If that company does not need the space in the building, one of the city's most sought-after addresses, the space should be welcomed by another of the building's tenants, he said.

Euler will move its 160 downtown workers to the new building, which will cost significantly less than the $30 a square foot commanded on average in its current building. A small data-processing office will also move from Hunt Valley to Owings Mills.

The Owings Mills area, with the highest vacancy rates in the metropolitan region, has landed several high-profile companies in the past couple of years, including Toyota Financial Services, which said last year that it would move to a building that will neighbor Euler's in the same business park.

Red Brook Corporate Center, the park, is a gated Class A, or top-tier, office park, being developed by David S. Brown.

Two of six buildings are completed, one is under construction and Euler's building will begin immediately, said Lynn E. Abes- house, principal of Manekin Bros. Abeshouse LLC, which represented the developer.

"I think it was the flexibility of the landlord to redesign the building for Euler within a short time frame that made the deal possible," said Abeshouse, who called the park Owings Mills' "premier" business center.

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