Exelon and Constellation Looking at 17 Sites for New Baltimore HQs
- Aug 12, 2011
Exelon Corp. and Constellation Energy Group Inc. are looking at a list of 17 potential sites for Constellation’s new headquarters in downtown Baltimore.
Constellation Energy Group Inc. agreed earlier this year to merge with Chicago’s Exelon Corp. in an all-stock deal valued at $7.9 billion. The resulting company will retain the Exelon name and be headquartered in Chicago. Power Team, Exelon’s power marketing business, Constellation’s retail and wholesale business, and both companies’ renewable energy businesses will be headquartered in Baltimore. Assuming the proposed $7.9 billion merger is approved according to schedule, in early 2012, Exelon plans to move Constellation from its 750 E. Pratt St. headquarters to a new or renovated office center.
Studley has been hired to search for potential sites. It has sent surveys to 70 property owners—representing 200 sites—seeking information on property size; condition; zoning; asking purchase price; parking; recent upgrades and renovations on electrical, heating and air conditioning systems; asking terms for a 15-year lease; building amenities and any green building status.
With a requirement of 300,000 to 375,000 square feet, the company’s request is one of the largest in the market. Because the probability of finding an existing building large enough to accommodate the company is unlikely, some have speculated that Constellation could end up in a new building. Exelon and Constellation have said they plan to spend $95 million to $120 million to build or renovate a “green” building in Baltimore.
The lack of office space means Constellation may have to look for space at the emerging Harbor Point project, midtown’s redeveloped State Center complex or even the site of the First Mariner Arena, if that venue is moved and combined with the Baltimore Convention Center.