CFG Bank Signs 97,000 Sq. Ft. Lease at Baltimore Peninsula

| January 4, 2023 | 0 Comments

Today, the Baltimore Peninsula development team of MAG Partners and MacFarlane Partners announced CFG Bank has signed a 15-year lease for 97,000 sq. ft. of office space at the new 2455 House Street office building. The three-story office space at 2455 House Street will serve as the headquarters for CFG Bank, as well as its other companies Capital Funding Group and the Jack and Nancy Dwyer Workforce Development Center, Inc. CFG Bank will relocate from 1422 Clarkview Rd. in Baltimore County.

2455 House Street is a new eight-story, 221,500 sq. ft. building with 212,000 sq. ft. office and 9,500 sq. ft. of retail. It is part of Chapter 1B of the Baltimore Peninsula development that is currently wrapping up construction on five buildings totaling more than 1.1 million sq. ft. of new office, retail, and mixed-income residential.

Chapter 1B 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.

CFG Bank is working with NewGround to design its headquarters. The office space will feature various indoor and outdoor collaboration areas with an employee lounge totaling 5,000 sq. ft., a rooftop community space, a library area, kitchens, an indoor sports simulator, and more.

The Baltimore Peninsula development team announced in October that Chambers signed a 9,000 sq. ft. office lease for the Rye Street Market building that will begin in March. These two leases put the current office space footprint under construction at almost 25 percent leased.

Scooter Monroe, vice president of office leasing at MAG Partners, and real estate advisor Ed Guiltinan worked closely with the teams at JLL and Weller Development Partners to secure the CFG Bank lease. Antony Gross and Anne Marie Paintsil with JLL represented Baltimore Peninsula. Kevin Haus and Matt Haas, also with JLL, represented CFG Bank in the transaction.

Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management are owners of the Baltimore Peninsula project. Weller Development was the development partner of Chapter 1B and will exit the project when construction is completed in the fall. MAG Partners and MacFarlane Partners are leading future development and became investors and partners on the project in 2022. 

In total, Baltimore Peninsula will be a 235-acre development in Port Covington that will include up to 14 million sq. ft. of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space.

“We always knew that Baltimore would be a ‘build it and they will come’ office market, and now that the buildings are delivering you are seeing that dynamic play out,” said Marc Weller, founding partner and president at Weller Development Partners, in a press release. “Since first introducing CFG Bank to the project, we always thought they would be a great fit given their aligned entrepreneurial philosophy and their focus not only on transforming the banking experience but also their commitment to the community. We are so excited to see CFG Bank moving to this new burgeoning neighborhood.”

“The partnership with CFG Bank represents our shared values and commitment to fostering a strong, inclusive community. It speaks volumes that a company like CFG Bank, a pillar of the Baltimore business community, has selected Baltimore Peninsula for its future home,” said Kevin Plank, principal and CEO of Sagamore Ventures, in a press release. “I am incredibly proud to welcome CFG Bank and look forward to working together to build on our vision of impact at Baltimore Peninsula.”

“We are excited to continue to welcome new tenants to Baltimore Peninsula, especially those like CFG Bank who have strong, established roots within the broader Baltimore community,” said Michael Lohr, managing director of Goldman Sachs Asset Management, in a press release. “This lease represents another key milestone toward our broader revitalization efforts in South Baltimore, which seeks to engage the community through job creation and workforce development, in addition to providing access to new attractions and events.”

“Our lease with CFG Bank marks the beginning of an exciting partnership for Baltimore Peninsula, as the Baltimore-based institution grows its workforce in and for the city. With buy-in from partners such as CFG, we are building a place where people want to live and work,” said MaryAnne Gilmartin, founder and CEO of MAG Partners, in a press release. “We have incredible momentum and interest from potential tenants in Baltimore and around the country and 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.”

“We’re thrilled to be moving our headquarters to Baltimore Peninsula. As our businesses continued to grow, we were in search of a new location that could accommodate our current and future expansion, provide an environment to foster our team’s entrepreneurial spirit, and support the reinvigoration of Baltimore,” said CFG Bank CEO & President Bill Wiedel in a press release. “As we design and build our new headquarters, we are creating a truly unique space where all our employees will thrive and work together, grow, and achieve our own goals and those of our clients. Our plan is to design a special workspace where our employees want to come into the office. Moving to Baltimore Peninsula reinforces our commitment to Baltimore and our leadership position in the banking industry, as the largest bank headquartered in Baltimore.”

There is a flurry of construction in Port Covington currently. 28 Walker recently started a redevelopment of the 25-acre former Locke Insulators property that will deliver 809 housing units. Under Armour is currently under construction on a 280,000 sq. ft. office, retail, and fitness building and a track and field stadium at its 50-acre property in Port Covington.

Photos of 2455 House Street  from March

Image from Baltimore Banner

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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.
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