The first wave of Legg Mason employees showed up at new Harbor East headquarters Monday, representing a new start for the struggling money manager while also creating a potential boon for businesses at the waterfront neighborhood.
At the same time, Legg's relocation will leave a big dent in the old central business district. The huge vacancy at 100 Light St., where Legg occupied 22 of the 35 floors, has not been filled.
For surrounding businesses at Legg's former home, the loss means more bad news during trying economic times.
Theresa Shoemaker, the general manager at Burke's Cafe, across the street from the Light Street tower, said Legg's relocation will mean fewer customers at a time when business is also suffering from the poor economy and expensive parking.
"We get a lunch crowd from Legg Mason, we get carryout from Legg Mason and a happy hour crowd too," she said.
Even though the move comes at a challenging time for Legg, company officials say the amenities - the waterfront view and the arts and business community that includes a theater, an athletic club, upscale restaurants and shops - will help motivate its employees and attract new ones.
Legg Chief Executive Officer and Chairman Mark R. Fetting, a Baltimore native, said the employees are excited about the new building, which is closer to the water than the Light Street headquarters and has a variety of features that the Light Street building does not, including a fourth-floor cafeteria with a large outdoor terrace and views of both the new harborfront and the historic neighborhoods farther inland.
"There's a difference in being on the water versus having water views," Fetting said. In the new building at Aliceanna and President streets, "the views are very inspiring. You can see the combination of the past and the future."
Some 550 downtown workers will move to the new glassy tower, down from 700 or so employees two years ago, a result of layoffs during the past year. About 450 workers based in Owings Mills, originally set to move to Harbor East, will be staying put, said spokeswoman Mary Athridge.
The first 20 employees at the new building work in the corporate services and real estate and technology departments. The "green" building features tons of natural light, amenities like an herb garden for the cafeteria caterer and wireless and other technology.
