Baltimore-based CFG Bank agreed to move its headquarters to a 235-acre mixed-use development completed in 2022, making for the city’s largest nongovernment lease of the year and garnering a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
The local bank doubled down on its investment in the market after leasing 97,000 square feet for its new headquarters. That is a significant jump from the 16,000-square-foot space it had been operating out of in Towson, Maryland, a Baltimore suburb.
The new lease fills almost half of the 215,800-square-foot office at 2455 House St. The building is part of an ongoing redevelopment project known as Baltimore Peninsula and led by MAG Partners and MacFarlane Partners. Baltimore Peninsula, formerly known as Port Covington, is planned to span more than 1.1 million square feet of office, retail and residential space, with a completion date in 2023.
Along with bolstering the city’s office market, the 15-year lease is a vote of confidence for Baltimore Peninsula, which has been in the works for nearly a decade. The project was envisioned by Under Armour founder Kevin Plank, whose company, Sagamore Ventures, is a major investor along with MAG and MacFarlane.
About the property: CFG is working with the developers of Baltimore Peninsula to build out a unique office space that will help attract workers to in-office work, including a 5,000-square-foot employee lounge, a library and an indoor sports simulator. The development is located directly off Interstate 95 with unobstructed water views of the Baltimore Harbor.
What the judges said: “The success of Baltimore Peninsula is key to the success of the Baltimore Metro area’s ability to grow high-quality jobs with high-impact corporate employers. Having a growing local company kick off the office building is critically important,” said Doug Schmidt, a principal at Workshop Development.
They made it happen: A JLL team including Antony Gross, Anne Marie Paintsil, Kevin Haus and Matthew Haas brokered the lease. The MAG team comprised Edward Guiltinan, Scooter Monroe and MaryAnne Gilmartin. Daniel Baird, William Wiedel and Jack Dwyer of CFG Bank were also involved.
