A $1.54-trillion-AUM (as of February 28), publicly traded mutual fund titan's team is preparing to move into a brand new, 550,000-square-foot HQ in a couple of years. Yet they won't be moving very far.

Today, construction officially begins on the next T. Rowe Price Group, Inc. [profile] headquarters, following a groundbreaking ceremony yesterday. The move comes as the always-Baltimore-based fund firm's team celebrates their 85th anniversary this year.

"We have been in Baltimore since 1937, and we remain committed to supporting our community and creating a sustainable environment for our associates to thrive," states Rob Sharps, president and CEO of T. Rowe.

The new HQ will still be on the water in downtown Baltimore. The two-building complex will be located at 1307 Point Street in the Harbor Point neighborhood (as expected), about a mile southeast of 100 East Pratt Street, where T. Rowe's HQ has been since 1975 and their lease, renewed back in 2013, goes through 2027. (The firm also has long had a big presence in Owings Mills, Maryland.)

2,500 employees will work at the new HQ, the Baltimore Sun reports.

"I am grateful for T. Rowe Price's decision to commit to Baltimore," states Brandon Scott, the city's mayor. "With this groundbreaking, they are making a bold statement that they are here to stay and share our vision for Baltimore's renaissance."

(The Baltimore Business Journal shares how developer Michael Beatty pitched T. Rowe on moving to Harbor Point.)

Beatty's Beatty Development (Harbor Point's master developer) and Armada Hoffler Properties (the new HQ's general contractor) are developing the new T. Rowe HQ site. The development team also includes: Allen + Shariff as interiors MEP engineer; Beatty Harvey Coco (BHC) as developer architects; Gensler as interior architects; JDB Engineering as base building mechanical, electrical, and plumbing engineers; Jones Lang LaSalle for program management; and Kohn Pedersen Fox (KPF) as base building architects. The construction project is expected to create nearly 1,600 jobs.

The T. Rowe team is aiming for the new HQ to gain both LEED platinum status (which recognizes environmental impact; the building will include a water harvesting system, for example) and a three-star Fitwel certification (which recognizes design around addressing health behaviors and risks). The complex will feature two buildings, each seven stories tall, connected by an all-glass lobby atrium. 

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