PNC regional headquarters to move to Inner Harbor

Bank leasing space at One East Pratt St. starting in July 2012

May 31, 2011|By The Baltimore Sun

PNC Financial Services Group Inc. plans to move its Greater Maryland regional headquarters from the Charles Center to the Inner Harbor by mid-2012, real estate brokerage CB Richard Ellis announced Tuesday.

Bank officials have signed a lease that calls for PNC to occupy 119,000 square feet at One East Pratt St., the brokerage reported.

PNC will move from the office tower at Two Hopkins Plaza beginning in July 2012. In addition to upper-level office space, the Pratt Street lease includes 7,000 square feet on the building's first floor to house a PNC Bank branch.

The transaction is the second lease this spring in which a large company in Baltimore's central business district has decided to stay in the area but move to a newer building. The law firm of Miles & Stockbridge announced plans last month to move by early 2013 from 10 Light St. to the Transamerica Tower at 100 Light St., where it will occupy up to 120,000 square feet.

Since acquiring Mercantile Bankshares Corp. in 2006, Pittsburgh-based PNC has grown to become Maryland's third-largest financial institution by deposits, after Bank of America and M&T Bank.

"Baltimore is a major growth market for PNC, and we are expanding our downtown headquarters to allow us to continue to serve clients in a premier office environment," said Louis R. Cestello, regional president for PNC Bank, Greater Maryland, in a statement. "Adding our name to the building will be a reflection of our long-term commitment to this region and provides us with greater visibility in one of the most high-traffic destinations in Maryland."

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