Constellation Energy plans to extend its lease in the historic Candler Building in downtown Baltimore for another decade, adding more space for anticipated job growth, the Baltimore-based energy company said yesterday.
Constellation's lease of 180,000 square feet in the building at 111 Market Place was set to expire in 2008. Under the new agreement, announced yesterday, the company will take an additional 7,000 square feet through 2018.
Company officials said they need additional space to accommodate growth in Constellation's competitive energy ventures, which supply and manage energy for businesses and utilities nationally. They declined to say how many more jobs they expect to add.
"We were basically looking to satisfy our growth needs," said Steve Roth, executive director of corporate real estate for Constellation, the parent company of Baltimore Gas and Electric Co.
The Candler Building houses 850 Constellation employees, who work in the commodities group, the energy generation group and the Mid-Atlantic regional office for Constellation NewEnergy. Those workers are among 2,500 Constellation employees in the city, including BGE.
Roth said Constellation, the city's only Fortune 200 company, did not consider moving the operations in the Candler Building out of the city, partly because of a long-term commitment to stay downtown. The company considered other options that could provide a large block of space, such as buildings to be constructed in Harbor East and Lockwood Place on Pratt Street, which is under construction.
Constellation ultimately decided to stay in the Market Place building, which is next door to its corporate headquarters at 750 E. Pratt St., after building owner HRPT Properties Trust made significant upgrades to the building's infrastructure.
"Constellation required a substantial block of space, plus the potential to expand over time, to accommodate their business growth," said David G. Houck, a senior vice president with Dallas -based The Staubach Co., Constellation's broker. "The Candler Building offered economical and very flexible occupancy."