Today 28 Walker Development, the developers of McHenry Row, announced a more than 28,000 sq. ft. space lease with Comcast Corporation at The Banner Building at 1215 E. Fort Ave. The communications company, which currently operates a regional corporate office in White Marsh, plans to relocate approximately 140 employees to Locust Point at the beginning of next year. Joe Nolan and David Fritz of NAI KLNB represented the landlord and Richie Blue of Blue & Obrecht Realty and Jeff Flynn of JLL represented the tenant in this transaction.
McHenry Row is a 20-acre, mixed-use project that currently contains 250 apartment units, 300,000 sq. ft. of commercial office space, a Harris Teeter grocery store, and other restaurants and retailers.
The Banner Building is a four-story, 215,000 sq. ft. Class “A” office building that was completely renovated and expanded by 28 Walker upon its purchase three years ago. The building is now 100% occupied with tenants including Under Armour, Gilbane Construction, Kiddie Academy, Kimley Horn, Maryland Auto Insurance Fund, Martin-Lauer Associates, Mindgrub, Navigator Management Partners, and the Ulman Cancer Fund for Young Adults.
“Companies such as Comcast Corporation are increasingly attracted to office space that offers its employees a high-energy and stimulating environment,” stated Mark Sapperstein of 28 Walker Development in a press release. “The availability of many different restaurant options just a short walk away, an outdoor setting that enables employees to unwind and relax and the overall ambiance of the project remain significant draws for office users. The company also has direct access to Interstate 95, free parking and instant connections to all points in the downtown area.”
“A reoccurring theme in corporate real estate searches is the desire among companies to select offices in locations that will help motivate, attract and retain employees,” said Joe Nolan, principal of NAI KLNB, in a press release. “This is especially common among firms with a high percentage of millennials working for the company, or those that face strong competition for quality talent. Forward-thinking organizations understand the extreme advantages that can created over the long-term with office space locations that contribute to the overall branding and attractiveness of the company.”
“The success of McHenry Row is a testament to the desirability of mixed-use developments in neighborhoods throughout Baltimore,” said William H. Cole, president and CEO of the Baltimore Development Corporation, in a press release. “The fact that companies continue to look to the City for growth and expansion shows that Baltimore has the ability to attract a wide variety of businesses and workers. This business growth in a creative mix of office, retail and residential reinforces the appeal of a vibrant live, work, and play environment.”
In the past several months, Samos Greek Island Grill and Ruby 8 Noodle and Sushi Bar have opened restaurants at McHenry Row, and a production brewery and tap room from Diamond Back Brewing Company will open soon.
An expansion is currently underway at McHenry Row as construction has begun on a new five-story, 224-unit apartment building in between The Banner Building and a recently-constructed 600-car garage. An additional phase will be built by 28 Walker south of the new parking garage in a space that is currently used as Harris Teeter’s surface parking lot. 28 Walker and the Locust Point Civic Association have agreed that any future development must consist of either a senior housing facility with a maximum of 225 units or a hotel with a maximum of 200 rooms.
Drawing from Kimley Horn Outlining Expansion