BALTIMORE, MD (July 26, 2007) - The Maryland Department of Business and Economic Development (DBED) today announced plans to move its headquarters to the World Trade Center Baltimore, effective October 2008. The move places the State's premier economic development agency in one of Maryland's most high profile properties and saves the agency more than $100,000 over the lease term.
"This is an exciting opportunity for DBED to cut costs and centralize operations in one of Maryland's most iconic structures," said David Edgerley, DBED Secretary. "This relocation is just one of many ways DBED is working closely with the Maryland Department of Transportation to leverage our national and international business development efforts."
About 250 of DBED's 322 employees will occupy seven of the landmark building's 30 floors, just feet from the Inner Harbor. The move will put DBED closer to a key state partner, the Maryland Port Administration, which has operated the building since it was opened in 1977.
"Acquiring DBED as a tenant is a major step forward in our aggressive effort to return the World Trade Center Baltimore to its position of prominence in the Baltimore office market," said Transportation Secretary John D. Porcari. "For an agency responsible for marketing Maryland to the world, there is no better address to have than that of the World Trade Center Baltimore."
The World Trade Center contains nearly 300,000 rentable square feet. With the arrival of DBED, the building will be more than 70 percent occupied. In February 2007, the O'Malley Administration announced its intention to retain the World Trade Center Baltimore as a state asset and to re-tenant the building. The office tower had been offered for sale by the prior administration.
"This move puts DBED where it belongs -- at a visible location in Baltimore's Inner Harbor, a compelling example of Maryland's business development," said Donald C. Fry, president and CEO of the Greater Baltimore Committee. "It strongly supports the administration's decision to retain this flagship building and put it to effective use in promoting and growing our state's economy."
The World Trade Center is the centerpiece of Baltimore's Inner Harbor. Located near the heart of the city's downtown business district, it is still regarded as one of the premier office towers in the region. Designed by visionary architect I.M. Pei, the World Trade Center Baltimore is the world's tallest pentagonal structure.
About the Maryland Department of Business and Economic Development (DBED)
The Maryland Department of Business and Economic Development's mission is to attract new businesses, stimulate private investment and create jobs, encourage the expansion and retention of existing companies and provide businesses in Maryland with workforce training and financial assistance. The department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development, international trade and tourism. Because they are a major economic generator, the department also supports the arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.
CONTACT:
Karen Glenn Hood
DBED
(410) 767-6318
kglenn@choosemaryland.org |
