CHICAGO AND BALTIMORE - Exelon Corporation (NYSE: EXC) and Constellation Energy (NYSE: CEG) today announced the developer, site and design firms for their new headquarters building in downtown Baltimore, contingent on the completion of the companies' proposed merger.
After conducting an extensive, competitive RFP process, and after exploring multiple locations throughout the core of downtown Baltimore City, inclusive of input from key community stakeholders, Exelon has conditionally selected Harbor East Development Group, LLC, as the developer for the proposed headquarters to be located at Harbor Point between Fells Point and Harbor East in Baltimore, in a to-be-constructed building. The award is contingent on Exelon and the developer reaching an agreement on lease terms and other conditions.
"We are excited to move forward with our plans to build a new Baltimore headquarters facility, bringing significant benefits to the City of Baltimore, including additional jobs and tax revenue," said Exelon President and COO Christopher M. Crane. "We are committed to Baltimore's downtown and its business district, and we look forward to being a growing part of the Baltimore community as the overall vitality of the city's downtown continues to flourish."
The selected developer was evaluated and consequently selected based on criteria that included their capabilities and experience and their proposed competitive and economic lease terms. Additional site selection parameters included proximity to the downtown waterfront, the ability to accommodate 300,000 to 370,000 rentable square feet, a trading floor size of at least 70,000 square feet, office floor size of approximately 30,000 square feet and availability for occupancy in 2014.
"It was clear from our first discussion with Exelon that they wanted a unique headquarters facility that would create a dynamic home for their growing Baltimore workforce," said Michael S. Beatty, president, Harbor East Development Group, LLC. "When people visit this site in three years they will realize just how committed Exelon and Constellation are to not only their employees but to the greater community and the environment. This project will be a model catalyst for the development of a truly sustainable and vibrant neighborhood."
Exelon also conducted a competitive process to identify interior architecture, engineering and Leadership in Energy and Environmental Design (LEED) consulting firms, and has selected Washington, D.C.-based SmithGroupJJR as the interior design architect; Baltimore-based RTKL as the mechanical, electrical and plumbing engineer; and GreenShape, a women-owned firm, as the LEED consultant.
There are significant benefits to the City of Baltimore based on the selected location. Development of the building is expected to create more than 1,000 construction and other jobs and provide new tax revenue for the city.
Construction of the new building was a commitment made as part of the companies' merger settlement with the State of Maryland, the Maryland Energy Administration, the City of Baltimore and the Baltimore Building and Construction Trades Council announced Dec. 15. Under the settlement, Exelon, Constellation and BGE will provide a package of benefits totaling more than $1 billion and expected to create more than 6,000 jobs in Maryland (including the 1,000 jobs related to the building).
The Exelon-Constellation merger has received approval by the Department of Justice, the New York Public Service Commission, the Public Utility Commission of Texas and the shareholders of Exelon and Constellation. It also requires regulatory approvals by the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and the Maryland Public Service Commission.