JLL Selected as Exclusive Leasing Agent for Office Space in the Next Phase of the Port Covington Development
Baltimore, Md. (March 5, 2019) – The Port Covington Development Team today announced it has selected JLL to spearhead the leasing of approximately 1.3 million square feet of office space planned for the next phase of the Port Covington development, one of the largest urban revitalization efforts in America.
JLL will execute office leasing, including marketing, for the upcoming phase of development in Port Covington, referred to as Chapter 1B. At full build-out, Chapter 1B is planned to include approximately 1.38 million square feet of office, 337,450 square feet of retail, 976,667 square feet of residential, and 285,000 square feet of hotel space. The JLL leasing team will be led by Tony Gross, Senior Vice President of Agency Leasing at JLL and will include experts from across JLL’s Maryland and national platform.
“Port Covington provides an urban mixed-use neighborhood on the waterfront specifically designed to help companies attract and retain the talented workforce they desperately need in order to prosper,” said Tony Gross, Senior Vice President of Agency Leasing at JLL. “We are thrilled to have the opportunity to tell a truly unique story. Port Covington is a ‘shovel ready’ project in a Federal Opportunity Zone that combines an easily accessible location, significant scale and flexibility to offer forward-thinking businesses a once-in-a-lifetime opportunity.”
The redevelopment of Port Covington will have a fundamental and far-reaching positive impact on the Baltimore Metropolitan Area. A redeveloped Port Covington will mean thousands of new jobs, fresh opportunities for innovation and entrepreneurship, new ways to reach the waterfront, and more for Baltimore City and the State of Maryland.
Adjacent to I-95, the East Coast’s most traveled highway, Port Covington provides convenient and efficient commuting and travel times for the area’s workforce, residents, tourists and other visitors. Port Covington will be an engine for economic growth, with vibrant retail and entertainment options, iconic office buildings, hotels, residential, and waterfront parks.
Leveraging the core strengths of Maryland, the project will feature several key ecosystems focused on Technology, Life Sciences and Education. One of the first of Port Covington’s ecosystems, focused on Cybersecurity, will be anchored by an array of companies in the field that have committed to relocating and/or expanding to Rye Street Market in Port Covington: DataTribe, a globally-known cybersecurity startup studio with offices in Maryland and Silicon Valley; AllegisCyber, a leading Silicon Valley-based early-stage cybersecurity venture capital firm; and Evergreen Advisors, a Columbia, Md.-based investment banking and corporate advisory firm focused on assisting emerging growth and middle-market companies.
Chapter 1B of Port Covington includes the already completed, award-winning Sagamore Spirit Distillery and Rye Street Tavern. New construction will begin in 2019, beginning with work on Rye Street Market, a mixed-use property featuring three boutique loft-style creative office buildings totaling 180,000 square feet, in addition to a vibrant market, restaurants, shops and shared amenities.
In addition to office space, Rye Street Market is planned to include a 13,000-square-foot open-air market and food hall inspired by Baltimore’s rich heritage of neighborhood markets, 50,000 square feet of pedestrian-oriented retail, a state-of-the-art meeting facility, and a magnificent rooftop event space overlooking the water.
Rye Street Market is expected to be delivered for occupancy in Spring 2021. Additional office, retail, hospitality and residential spaces are currently in the planning stages and will be driven by lead-tenant interest.
“We are thrilled to partner with JLL as we start aggressively leasing the next phase of Port Covington,” said Marc Weller, Founding Partner of Weller Development Company and lead developer of Port Covington. “Port Covington and all that it offers, from its prime waterfront location to the unsurpassed connectivity and accessibility built into the development, will be attractive to companies of all shapes and sizes. As we tell our story to potential tenants across the globe, we are excited to have a trusted global leader like JLL as a member of the Port Covington Development Team.”
Chapter 1B of Port Covington will be developed over several years. Future phases of Port Covington are slated to include more than 10 million additional square feet of office, residential, retail and hotel development with little restriction to build more, offering robust expansion and relocation opportunities.
For more information on Port Covington, visit www.pc.city.
About Port Covington & the Port Covington Development Team
Port Covington is a 235-acre master-planned, mixed-use redevelopment project, with a prime location on the waterfront in Baltimore City. As one of the largest urban redevelopment efforts in America, the redevelopment of Port Covington will have a fundamental and far-reaching positive impact on Baltimore, its economy and its future. At completion, this project is planned to include: up to 18 million square feet of new, mixed-use development; 2.5 miles of restored waterfront; and 40 acres of parks and green space for Baltimore City. The Port Covington redevelopment is expected to generate thousands of new jobs, new businesses, better transit, more public parks, improved access to the waterfront, new space for manufacturing, fresh opportunities for innovation and entrepreneurship and more for Baltimore City residents and its local workforce.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Weller Development Company
Weller Development is a privately-owned real estate development firm led by Marc Weller, a senior real estate executive with over 25 years of experience developing and building residential, commercial, and mixed-use real estate projects. Offering a unique and powerful range of expertise for all phases of development, Weller Development is the lead developer of Port Covington, a 235-acre mixed-use redevelopment project in Baltimore City that is one of the largest urban renewal efforts in the United States. For more information, visit www.wellerdevelopment.com.