An Overview of All the Office and Retail Leases at Baltimore Peninsula

| December 20, 2023 | 0 Comments

Earlier this year, the Baltimore Peninsula development opened five new buildings as part of Chapter 1B of this multi-decade, multi-billion dollar development. More recently, the Baltimore Peninsula development team has started to announce new office and retail tenants that will fill these buildings starting next year.

The Baltimore Peninsula development team is led by development partners MAG Partners and MacFarlane Partners and its equity partners are Sagamore Ventures and the Urban Investment Group within Goldman Sachs Asset Management. Cushman & Wakefield is the exclusive office leasing agent for Baltimore Peninsula, and Segall Group is the retail leasing agent for Baltimore Peninsula. Leasing at MAG Partners is led by Scooter Monroe, Ed Guiltinan, Linda LaCosio, and Sam Spikell.

Below is a recap of all of the recent development news.

Buildings completed this year

  • 250 Mission: 223,000 sq. ft. building (162 residential units, including 35 affordable units, and 40,000 sq. ft. retail)
  • 2455 House Street: 221,500 sq. ft. building (212,000 sq. ft. office and 9,500 sq. ft. retail)
  • Rye House: 293,000 sq. ft. building (254 residential units, including 54 affordable units, and 16,000 sq. ft. retail)
  • Rye Street Market: 273,000 sq. ft. building (228,000 sq. ft. office and 45,000 sq. ft. market)
  • ROOST: 133,000 sq. ft. building (40 residential units, 81 extended-stay units, and 6,000 sq. ft. retail)

The 64,000 sq. ft. Sagamore Spirit distillery campus opened in 2017.

Office lease deals totaling 30,000 sq. ft. which are coming to the Rye Street Market building

  • The Baltimore Ravens are leasing a space in the Rye Street Market building. It will serve as a preview center for new suites that will be built at M&T Bank Stadium.
  • Disaronno, the Italian-owned spirits company, is relocating its North American Headquarters following the acquisition of Sagamore Spirit. The company will lease 6,500 to 7,000 sq. ft. in the Rye Street Market building.
  • Kevin Plank’s Sagamore Ventures, the founding partner of the Baltimore Peninsula development, initially known as Port Covington, is opening an office at Rye Street Market. Sagamore Ventures privately-held investment company with diversified holdings is a major funder of Conscious Venture Labs and Baltimore Peninsula’s Impact Village.  The mission of Sagamore Ventures is “to execute the initiatives of the Plank Family, support the growth of their investments, and contribute to economic development and opportunity in Baltimore City.”
  • Volo Sports, a national provider of both social and competitive adult sports leagues, is opening its headquarters in the building. The company recently announced the creation of Volo Beach, a four-acre-plus outdoor sports venue at Baltimore Peninsula.
  • Maryanne Gilmartin’s MAG Partners is relocating its Baltimore office from City Garage to Rye Street Market.
  • Agreements have been reached with two additional tenants in the technology sector, with additional details to be announced.

Already open at Rye Street Market

  • Interior design firm Chambers has a 9,000 sq. ft office in the building.

Coming to 2455 House Street

  • CFG Bank is opening a 97,000 sq. ft. headquarters at 2455 House Street as well as a first-floor retail branch.

Retail tenants slated to open in 2024

Rye Street Market 

  • National chain Jersey Mike’s Subs is opening its second location in Baltimore City.
  • Fast-casual New York-based chain BK Lobster is opening its second location in Baltimore City.
  • Atlanta-based chain Slutty Vegan from Baltimore-raised owner Pinky Cole is opening its first Maryland location.
  • Cole is also opening her other concept Bar Vegan in the building.
  • A multi-vendor space with food and retail goods called The Exchange, curated by Cole, is coming to the building.

2455 House Street

  • CFG Bank is opening a retail branch in the same building as its headquarters.

250 Mission

  • The Learning Care Group will open a child care center.

Rye House

  • Vermont-based ice cream brand Ben & Jerry’s is opening an ice cream shop.

ROOST

  • ROOST owner Method Co. is opening a coffee shop and provision store in the hotel and apartment building.

Sagamore Spirit

  • The 12,000 sq. ft. Rye Street Tavern will reopen under the leadership of the Clyde’s Restaurant Group. It will have a new outdoor bar.

The Baltimore Peninsula team announced agreements have been reached with three additional retailers. More details will be forthcoming.

In Baltimore Peninsula/Port Covington, but not part of the Baltimore Peninsula development 

  • Under Armour is constructing a 280,000 sq. ft. office, retail, and fitness building that could open next year.
  • The 809-housing unit Locke Landing development is under construction. It will not have retail or office space.
  • The 135,000 sq. ft. City Garage Science and Technology Center is under new ownership. Haystack Oncology is opening a 20,000 sq. ft. lab in the building while 61,933 sq. ft. of space is still available in the building, according to a leasing brochure. The available spaces are due to Under Armour recently vacating a 70,000 sq. ft. space in the building and MAG Development vacating a 16,538 sq. ft. space.

Quotes from a Baltimore Peninsula press release

Kevin Plank

“These leases are the culmination of a year of exciting partnerships and activations where the MAG Partners team has put together the essential pieces of leasing to create a vibrant sense of place. It is gratifying to close out 2023 with a flurry of retail and office leasing activity and look forward to a very busy 2024. The new deals represent real change and density happening at Baltimore Peninsula, as local leaders and business owners recognize the irrefutable value in new, Class-A space along the Baltimore waterfront and I-95 corridor.”

MaryAnne Gilmartin

“Retail has always been a key component of delivering a well-rounded experience for people living and working both at Baltimore Peninsula and in the surrounding communities. Building on the excitement of Pinky Cole bringing Slutty Vegan and Bar Vegan to Baltimore Peninsula, we’re thrilled to surpass 30 percent leased in our retail space. We are, of course, excited for MAG Partners to call Rye Street Market our Baltimore home, which will allow us to be even closer to the pulse of the project, interact more frequently with those already living and working here, and personally welcome prospective tenants and visitors to the Baltimore Peninsula neighborhood. Our progress this quarter reflects the power and importance of place when companies and businesses grow.”

Kevin Rochlitz, chief sales officer of the Baltimore Ravens

“We’re thrilled to officially call the Ravens a part of the Baltimore Peninsula family with this new lease, The combination of modern, Class-A office space and an increasingly exciting neighborhood is a win-win for our entire off-the-field team.”

Giovanni Marcantoni, Volo Sports CEO

“Baltimore Peninsula is a purpose-driven project that perfectly aligns with Volo’s mission of promoting genuine human interactions that benefit the community. The partnership has given us the opportunity to expand sports and entertainment programming in Baltimore, and through our Volo Kids foundation, to grow our community of active, resilient and confident kids. The debut of Volo Beach was a smash hit, and expanding our presence at Baltimore Peninsula is a no-brainer.”

Robert Cullins, chief executive officer of Disaronno International USA

“As we look to deepen our roots within the Maryland and Baltimore communities, Disaronno International is proud to bring its North American headquarters to Baltimore Peninsula,” said Robert Cullins. We’re ready to build on our partnership with Sagamore Spirit and its beloved brand to continue delivering quality spirits and making an impact across the region.”

Geri Ford, BK Lobster

“Baltimore has such a vibrant food and beverage scene, and our first location has been received incredibly well after recently opening. We are excited to be part of the continued transformation of Baltimore Peninsula, and know it is the perfect place to expand our presence in South Baltimore.”

Mark Bierley, CEO of Learning Care Group

“We’re so excited to add Baltimore Peninsula to our nationwide network of more than 1,070 schools and to serve this growing and dynamic community. Early childhood education is essential, and we can’t wait to have a positive impact on kids across South Baltimore, including the children of residents and office tenants in this new neighborhood.”

Rye Street Market 

ROOST 

2455 House Street

250 Mission 

Rye House 

Sagamore Spirit

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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.
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