Port Covington Development Announces First Office Lease

| October 5, 2022 | 0 Comments
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The Port Covington Development has announced its first office lease as interior design firm Chambers will be occupying a 9,000 sq. ft. space at the Rye Street Market building. Chambers will relocate from Montgomery Park in Carroll-Camden Industrial Area. This was first reported by Baltimore Business Journal after it was announced at a Bisnow real estate forum last month .

The Port Covington Development Team is owned by Kevin Plank’s Sagamore Ventures and Goldman Sachs Urban Investment Group. MAG Partners and MacFarlane Partners are now the lead developers and investors in the project. They are taking over for Weller Development which is completing the current phase of construction on the project. MAG Partners CEO MaryAnne Gilmartin released the following statement to SouthBMore.com:

“Since joining the project this spring, we have seen incredible momentum and interest from potential commercial tenants in Baltimore and around the country. We’re excited to welcome Chambers, our first official office lease, to Port Covington.

Chambers is a historic Baltimore interior design firm specializing in the hospitality market. The company is successful because they are always evolving and see the newest community in Baltimore as key to that continued success. Their new HQ had to be a signature office that would attract the most gifted and bright colleagues who can be inspired and fueled by an environment that emanates talent, grit, and innovation. And they found that in Port Covington.

We expect to have a number of leases to announce in the coming months as we move closer to construction completion for the first phase of the project.”

The Baltimore Banner is also reporting CFG Bank, a commercial bank currently located just over the northern city/county line, has agreed to an 100,000 sq. ft. office lease in Port Covington.

These two leases would put the current office space footprint under construction at almost 25 percent leased.

There are currently five buildings and a park under construction in Port Covington that are scheduled to begin delivering between late-2022 and early-2023. This development phase will have 440,000 sq. ft. of office; 586,000 sq. ft. of residential from 537 total housing units which break down as 367 market-rate residential dwelling units, 89 affordable dwelling units (ADU), and 81 extended-stay units; 116,000 sq. ft. of retail; more than 1,000 parking spaces; and 10 acres of parks and public space.

The buildings include:

  • Building E1: 223,000 sq. ft. building (162 residential units and 40,000 sq. ft. retail)
  • Building E5A: 221,500 sq. ft. building (212,000 sq. ft. office and 9,500 sq. ft. retail)
  • Building E5B: 133,000 sq. ft. building (40 residential units, 81 extended-stay units, and 6,000 sq. ft. retail)
  • Building E6: 293,000 sq. ft. building (254 residential units and 16,000 sq. ft. retail)
  • Building E7, Rye Street Market: 273,000 sq. ft. building (228,000 sq. ft. office and 45,000 sq. ft. market)

Outside of the Port Covington Development, the neighborhood also has construction underway for the first major phase of Under Armour’s new headquarters. Work will also begin this month on an 809-unit residential development by 28 Walker.

Renderings courtesy of the Port Covington Development Team

Renderings courtesy of the Port Covington Development Team (click to enlarge)

E7 – Rye Street Market

The South Baltimore Now Podcast Latest Episodes Produced by Nathan Carper: https://www.natecarpercreative.com

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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, father of three, amateur pizza chef, skateboarder, and "bar food" foodie. Email me at Kevin@InceptMM.com and follow me on Twitter at @SoBoKevin.
Filed in: Business, Port Covington, Real Estate News
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