Armada Hoffler Properties Completes the Acquisition of Class A+ Mixed-Use Exelon Building in Baltimore’s Harbor Point
18 Januar 2022 - 12:00PM
Armada Hoffler Properties, Inc. (NYSE: AHH) (the “Company”)
completed the previously announced $246 million acquisition of a
79% interest and additional 11% economic interest in the Exelon
building, a prime mixed-use property in Baltimore’s desirable
Harbor Point neighborhood. Beatty Development Group retains a 10%
ownership position in the Exelon property following the completed
transaction.
The Exelon property features a 23-story Class A office building
with 444,000 square feet of space, 103 multifamily units – the 1305
Dock Street apartments, 38,500 square feet of retail space, and 750
parking spaces. Fortune 100 energy company Exelon currently
occupies the office building and leases 500 of the parking spaces.
West Elm anchors the retail component.
Exelon’s long-term lease for the office space has a remaining
term of 15 years. The building will become the headquarters of
Constellation, a publicly traded, Fortune 500 energy company, in
the first quarter of 2022 after Exelon Corporation completes its
previously announced split.
“We are thrilled to complete this transaction, which is
immediately accretive and a critical element of our long-term
strategy in the dynamic Harbor Point neighborhood,” said Louis
Haddad, President & CEO of Armada Hoffler Properties. “The
Exelon property fits seamlessly within our existing Harbor Point
portfolio. We are also excited to expand our 25-year relationship
with Beatty Development Group.”
Armada Hoffler Construction completed the Exelon building in
2016, alongside longtime partner Beatty Development Group. In
another example of the Company’s leadership in sustainable
construction practices, the building is certified as LEED
(Leadership in Energy and Environmental Design) Gold and the
interior is LEED Platinum. It is the fourth-largest LEED ID+C
platinum-certified project in the U.S.
The Exelon building is adjacent to the Company’s additional
Harbor Point holdings, including 1405 Point Apartments and the
Thames Street Wharf and Wills Wharf office buildings. The Company
is also in a joint venture that is developing the T. Rowe Price
Global Headquarters and the accompanying mixed-use residential,
retail, and parking garage.
About Armada Hoffler Properties,
Inc.
Armada Hoffler Properties, Inc. (NYSE: AHH) is a
vertically-integrated, self-managed real estate investment trust
with four decades of experience developing, building, acquiring and
managing high-quality office, retail and multifamily properties
located primarily in the Mid-Atlantic and Southeastern United
States. The Company also provides general construction and
development services to third-party clients, in addition to
developing and building properties to be placed in their stabilized
portfolio. Founded in 1979 by Daniel A. Hoffler, Armada Hoffler has
elected to be taxed as a REIT for U.S. federal income tax purposes.
For more information visit ArmadaHoffler.com.
Contact:Michael P. O’HaraArmada Hoffler
Properties, Inc.Chief Financial Officer, Treasurer, and
SecretaryEmail: MOHara@ArmadaHoffler.com Phone: (757) 366-6684
Media Inquiries: Chelsea D. ForrestArmada
Hoffler Properties, Inc.Director of MarketingEmail:
CForrest@ArmadaHoffler.comPhone: (757) 612-4248
Armada Hoffler Properties (NYSE:AHH)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Armada Hoffler Properties (NYSE:AHH)
Historical Stock Chart
Von Apr 2023 bis Apr 2024