School Moving To Legg Tower

Hopkins Business Faculty Joins Law, Investment Firms In Migration To Harbor East

November 18, 2009|By Hanah Cho | Hanah Cho,Hanah.cho@baltsun.com

The Johns Hopkins Carey Business School is relocating to the Legg Mason Tower, becoming the latest tenant to move from Baltimore's downtown to Harbor East's waterfront.

The 24-story tower, which opened in the fall, is anchored by its namesake asset management firm and also includes the law firm of Hogan & Hartson and investment firm Oppenheimer & Co.

In addition to the Carey School agreement, two letters of intent to lease up to 44,000 square feet have been signed and are under review, said L. Bruce Matthai, senior vice president and a principal at Colliers Pinkard, the tower's commercial broker.

"The building is doing great, particularly in light of the market and the economy," Matthai said. "The building is a terrific piece of architecture with fantastic views and amenities, and the features and benefits located within the building are unsurpassable in this marketplace. People see that as a value. That's why we have the success we are having."

Michael S. Beatty, president of H&S Properties Development Corp., the tower's owner, said the building will be more than 80 percent occupied when the two letters of intent come through.

The Carey School will begin moving out of its North Charles Street building next summer to occupy 80,000 square feet of space on four floors. The space will be ready for the start of the school's 2010 fall semester. Financial details of the 10-year lease agreement announced Tuesday were not released.

Yash Gupta, dean of the Carey School, said the move is a step in its plans to join the elite ranks of the nation's business schools. The Carey School, which opened in 2007, will welcome its first full-time global master's in business administration class next fall. The school has 1,740 full- and part-time students.

The building's amenities - including the waterfront view, technology and the bustling neighborhood - and opportunities for students to interact with Legg's executives and employees were big draws, Gupta said, noting the school was growing out of its current location, half the size of the new space.

The business school will occupy the tower's first, second, 12th and 13th floors. The second floor will contain classrooms, group study rooms, a library and offices for student organizations. The upper floors will house offices for the dean, faculty and staff.

Beatty of H&S said the building has the capacity to transform offices into auditorium-style classrooms and the infrastructure to house the business school.

The school is leasing the space from H&S and Legg Mason, which is subletting the 12th and 13th floors.

Legg Mason has been trying to sublet those two floors and the 16th floor after determining it did not need all the space it signed up for when the company announced its move in 2007. The money manager, which occupies 10 1/2 floors, laid off employees last year amid the market meltdown.

In moving to Harbor East, Legg vacated 22 floors at 100 Light St. in the old central business district downtown.

Both Oppenheimer and Hogan & Hartson moved their Baltimore offices from 111 S. Calvert St. to the Legg Mason building this fall.

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