Real Estate Journal — DelMarVa — September 14 - 27, 2018 — 21A


M id A tlantic

D el M ar V a

By Ari Azarbarzin, Greysteel Baltimore State of the Market


the Bank of America Building at 100 S. Charles St., which will bring an additional 800 jobs to Downtown Baltimore. • Denmark-based Pandora Jewelry has chosen tomove its American Headquarters from suburban Howard County to 250 W. Pratt St. in Downtown Baltimore. The building is un- dergoing a $6 Million renova- tion to the lobby, second floor, and public outdoor space as part of the migration. Promoting Baltimore is not solely a private sector under- taking. The City’s Mayor, Catherine Pugh has been a

altimore seems to be suffering froman iden- tity crisis. Depend-

enjoyed a number of key eco- nomic wins, both in bringing new jobs to the city, while also retaining notable employers. Below are job updates of note. • Buffalo, NY- based M&T Bank, the largest corporate sponsor of the NFL’s Balti- more Ravens and owner of the team’s stadiumnaming rights, has signed a 15-year lease at 25 S. Charles St. with two additional five-year renewal options. M&T Bank will oc- cupy six full floors at the glass building, encompassing a total of 155,000 s/f of office space. • Medifast has left its former

office in Owings Mills, and mov- ing to the elegant downtown neighborhood of Harbor East. The publicly traded nutritional and weight loss company has more than 160 employees and will occupy 51,000 s/f in its new home. • T. Rowe Price announced it will remain at its current Downtown Headquarters lo- cated 100 E. Pratt St., through 2027, demonstrating the in- vestment firm’s renewed com- mitment to Baltimore. • America’s 4th Largest Investment Bank, Morgan Stanley will lease 57,000 s/f at

tireless advocate for Balti- more meeting not only with business leaders, but also most recently, touring 15 other mayors through the City. She in conjunction with Maryland’s Governor Larry Hogan worked extremely hard, albeit in a failed to attempt to woo Amazon and land HQ2. With the Amazon pursuit firmly in the rear- view mirror, this renewed union of private and public cooperation bodes well for the economic future of Baltimore. Ari Azarbarzin is a direc- tor at Greysteel. 

ing on whom you ask or what news sources you c o n s u m e , you could de- rive two very d i f f e r e n t conclusions about Mary-

Ari Azarbarzin

land’s largest city. For ex- ample, in January 2018, Bal- timore was named amongst The New York Times “52 Best Places to Visit” while the very next month, USA today labelled it “America’s Most Dangerous City.” Despite the mixed reviews, Charm City has much to be optimistic about as we enter the fourth quarter of 2018. Historically a second- tier market relative to its neighbors Philadelphia and Washington D.C., Baltimore has been lifted by its afford- able housing stock and robust employment strength powered by a plethora of institutions of higher learning and medical facilities, more colloquially known as The “Meds” and “Eds” Market. Most readers will be surprised to learn that in the most recent U.S. News Report of “Best Hos- pitals in Maryland”, all ten of the top ten hospitals were in the Baltimore Region and the top three were located in Baltimore City. These hid- den assets create a “brain gain” rather than brain drain, and stimulate significant job growth which in turn expands other sectors such as the financial services and retail. Baltimore has recently Divaris leases space in Virginia Beach to Shake Shack Burgers VIRGINIA BEACH, VA — Divaris Real Estate, Inc. (DRE) announced the comple- tion of a retail lease with New York’s iconic burger, hot dog and frozen custard stand, Shake Shack for 3,403 s/f of retail space in the Columbus Village Shopping Center in the Town Center of Virginia Beach. The Divaris leasing team of Sezin Cortinas, Ger- ald Divaris, and Erica Ror- rer represented the landlord in the lease negotiations. 

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