OWINGS MILLS, Md. — T. Rowe Price is considering turning most of its large Owings Mills property into as many as 1,200 apartment units, across nine buildings.
The company's real-estate arm (TRP Suburban Second, Inc.) wants to convert the 78-acre Owings Mills Corporate Campus - at Lyons Mill and McDonogh roads - into housing.
Baltimore County's development review committee is set to review the proposal at a Feb. 4 meeting.
The application notes:
...the office buildings in the Owings Mills Corporate Campus are currently underutilized for a variety of reasons, including workplace changes resulting from COVID and its aftermath. With the resulting changes in the office market, TRP is exploring the possibility of utilizing some portions of the campus, including vacant office space, for residential purposes.
There are currently six office buildings, with more than 900,000 square feet, on the property.
T. Rowe Price said it's considering consolidating its offices into two of the buildings, and turning the other four into housing.
The company is also "looking into the possibility" of building new housing on vacant land on the property.
The application, from the company's attorney, notes the county just passed a bill allowing certain office parks to be turned into housing.
The revised site plan shows a possibility of 1,256 total apartment units.
The campus was expanded about 15 years ago.
T. Rowe Price is expected to soon open its new headquarters, in the Harbor Point neighborhood.
As part of our long-term real estate strategy to maximize the utilization of our office space and to ensure we make the best use of our resources, we are evaluating options for our Owings Mills, MD campus that could include using underutilized portions of the campus for residential purposes.
This approach would allow for the option to sell land or buildings with a leaseback arrangement for our continued office/commercial use – aligning with our approach in Baltimore, London, and Colorado Springs – while also providing the opportunity for others to create additional housing stock.
Owings Mills remains an important part of our workforce strategy, and we are committed to maintaining a presence here.
