Clark Construction and Ricoh USA Sign Office Leases at Stadium Square

| October 16, 2018 | 0 Comments

Caves Valley Partners (CVP) has announced two new tenants for its recently-completed 72,000 sq. ft. office building at 145 W. Ostend St. The building is part of CVP’s $275-million Stadium Square mixed-use development. The new tenants are Bethesda, MD-based Clark Construction Group, LLC and Malvern, PA-based Ricoh USA, Inc. Both will occupy approximately 3,000 sq. ft., street-level office suites.

Ricoh USA will move into its space this month and Clark Construction is currently building out its space and plans to move in by November. The new locations in Stadium Square represent the first Baltimore offices for both companies.

Ricoh is a provider of document management solutions, IT services, commercial and industrial printing, digital cameras, and industrial systems. Clark Construction is a commercial construction company with more than $4 billion in annual revenue. Clark Construction has worked on South Baltimore projects including 1901 South Charles and is currently working on the infrastructure reorganization around Sun Park in Port Covington.

The six-story office building at 145 W. Ostend St. is now 75% leased. Creative workspace company Spaces opened a 32,000 sq. ft., two-and-half floor facility this week. Financial services firm Janney Montgomery Scott opened a 6,000 sq. ft. office in the building earlier this year.

“We are pleased to welcome Clark and Ricoh into the tenant mix at Stadium Square,” said Jon Schulman, director of leasing for CVP, in a press release. “Having two national tenants, who are both ‘best in class’ in their respective fields, at street level at Stadium Square is an exciting development for this project.”

“As a Maryland-based company with a long track record of successful public and private projects in Baltimore, adding a dedicated Baltimore office reflects our long-term commitment to the region,” said Brian Abt, mid-Atlantic division president of Clark Construction, in a press release. “Our new offices in Baltimore will further enhance our ability to serve our diverse client base in the Greater Baltimore area and beyond.”

“Moving our Baltimore area office to this new facility is part of our nationwide initiative to invest in and modernize our network of U.S. offices to better serve our customers,” said Glenn Laverty, senior vice president of marketing for Ricoh Americas, and president and CEO of Ricoh Canada Inc., in a press release. “We are implementing collaborative new world of work technologies to continually increase employee collaboration and enhance the customer experience.”

Jon Schulman represented CVP in both transactions. Rob Maddux and Claire Berrang of Newmark Knight Frank represented Ricoh, and Clark Construction represented itself in negotiating the lease agreement.

CVP Partner Arsh Mirmiran told that there are multiple ongoing discussions for other tenants at 145 W. Ostend St, but no leases are being actively negotiated. CVP is currently building out an approximately 3,500 sq. ft. spec suite next to Clark Construction that will be available for occupancy later this year.

CVP is planning two new projects across the street on the east side of the 100 block of W. Ostend St. The former VacPac building and the USPS post office, which will relocate in the near future to S. Hanover St., are currently on this block. CVP will be constructing a 67,000 sq. ft., six-story office building at the site of a current BMORE Around Town tailgating lot. This project will go before Baltimore City Planning Department’s Urban Design and Architecture Advisory Panel (UDAAP) later this month. CVP is also planning an apartment building on this block. This project is also expected to begin the design review process this year.

Stadium Square is on three blocks of South Baltimore and Sharp-Leadenhall located between Cross St. on the north, Race St. on the east, Leadenhall St. on the west, and both sides of Ostend St. to the south. The project will have approximately 600 apartments including an affordable apartment building for veterans, three renovated rowhomes providing affordable housing to police officers, 2,000 parking spaces, 450,000 sq. ft. of office space, and 75,000 sq. ft. of retail when completed.

Along with 145 W. Ostend St., already completed at Stadium Square is the 299-unit Hanover Cross Street luxury apartment building with 14,000 sq. ft. of retail that has not yet been filled, and the 2,400 sq. ft. Leadenhall Community Center.

Read’s articles detailing the Stadium Square development here.

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