San Francisco’s Stripe Inc. to Bring 200 Jobs to McHenry Row in Locust Point

| July 31, 2019 | 0 Comments

Stripe Inc., a technology company that builds economic infrastructure for the internet, has selected Locust Point as its first location for Helm Services Inc., its new subsidiary that provides operational support for businesses using Stripe software. Helm will take over the 44,000 sq. ft. Liberty Building at 1215 E. Fort Ave., which is part of the McHenry Row mixed-use development by Mark Sapperstein’s 28 Walker. Helm plans to create 200 full-time jobs in Baltimore over the next three years.

Under Amour was the previous tenant of the Liberty Building, but left at the end of 2018 after buying out its lease. Under Armour consolidated its workforce at McHenry Row into its campus at Tide Point in Locust Point and to its Building 37 in Port Covington.

Businesses in more than 100 industries use Stripe’s software to accept online payments. The company is based in San Francisco and was founded in 2010 by brothers John and Patrick Collison. After a $245-million funding round in 2018, Patrick Collison told Bloomberg that the company is valued at $20 billion.

The Baltimore Development Corporation (BDC) said in a press release that it “worked directly with the company’s site selection team and hosted a tour of the city, presented site options, identified available incentives, connected them to other resources, and provided pertinent data, which conveyed a complete picture of not just the city’s business environment, but also the high quality of life for Helm’s employees.”

The Maryland Department of Commerce has approved a $600,000 conditional loan through Advantage Maryland, formerly the Maryland Economic Development Assistance Authority and Fund (MEDAAF). Additionally, the BDC is providing a $150,000 conditional loan to assist the company with the costs of outfitting its new space.

A representative for 28 Walker told SouthBMore.com that Helm plans to begin occupying the Liberty Building in November.

The Liberty Building dates back to 1921 and was originally part of a Coca-Cola facility along with two other buildings and several parking lots. The facility was later the home to Phillips Seafood Inc. beginning in 2002 and was sold to 28 Walker in 2014 to expand the McHenry Row development.

The Liberty Building has original details including a freight elevator, exposed brick, exposed ceiling beams, steel columns, and restored pipe valves. The building was renovated with black metal-trimmed windows, exposed duct work, private office suites, and a new kitchen.

The western-facing windows of The Liberty Building look out onto the South Baltimore Little League facility, which 28 Walker helped renovate in 2017. South Baltimore Little League owns the four-field facility that was gifted to the organization by Coca-Cola.

“We considered a number of cities across the country for Helm’s inaugural location, and Baltimore stood out for its unique combination of world-class educational institutions, talented and diverse workforce, and entrepreneurial spirit,” said Patrick Mahoney in a press release. “We look forward to forming strong ties with the community and contributing to its culture of excellence and innovation.”

“After Helm’s national real estate search was narrowed to the Baltimore region, we began actively working with their management team to identify opportunities to attract highly-skilled professionals in the Locust Point area,” said Sapperstein. “This lease demonstrates the continued demand for office space at McHenry Row and elevates our 375,000 square feet of space to 100% occupancy.”

28 Walker was represented by Joe Nolan and David Fritz at NAI KLNB.

“We are very pleased to welcome Helm to Baltimore where it can take advantage of our highly-skilled workforce and growing community of tech companies,” said Governor Larry Hogan in a press release. “This new company, and the 200 jobs it will create, is a win for Baltimore City and our entire state as we continue to make Maryland Open for Business.”

“Stripe’s selection of Baltimore after an exhaustive national search and serious consideration of dozens of other cities demonstrates strength of our growing and inclusive economy, and I commend Baltimore Development Corporation for all of their efforts to attract this business,” said Mayor Bernard C. “Jack” Young in a press release. “We welcome such an innovative company that will invest in our city, create livable wage jobs for our residents and contribute to the continued economic growth of Baltimore.”

“We are excited to support Helm, and look forward to working with them as they grow in their new home in Baltimore,” said Maryland Commerce Secretary Kelly M. Schulz in a press release. “From their strategic location, Helm will be able to service clients all over the world.”

“Working with the company’s site selection team, it was evident that Stripe was looking for a location that was not only cost-effective, but needed to be a good fit with their company culture and provide a high quality, inclusive environment for their employees,” said Colin Tarbert, president and CEO of BDC, in a press release. “We are thrilled that Stripe selected Baltimore as Helm’s location and confident that other companies will recognize our vibrant tech scene and rich pool of talent.”

Helm caps the office leasing at McHenry Row, which has been built in several phases since 2012. McHenry Row has 375,000 sq. ft. of office space spread across four office buildings including a 75,000 sq. ft. office building that was completed last year and has tenants MOI, Inc. Flywheel Digital, Gross Mendelsohn & Associates, and Kimley-Horn and Associates, Inc.

McHenry Row also has nearly 500 apartments and 110,000 sq. ft. of retail space. A new 126-room Courtyard by Marriott will additionally open at McHenry Row in the coming months.

Photos from a tour of the Liberty Building in February

About the Author:

Founder and Publisher of SouthBmore.com, longtime resident of South Baltimore, and a graduate of Towson University. Diehard Ravens and O's fan, beach volleyball enthusiast, dog lover, and "bar food" foodie. Email me at [email protected] and follow me on Twitter at @SoBoKevin.
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